Board Meeting of the Company held on November 27, 2025 to consider and approve the transactions as set out in the outcome of the Board Meeting.
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The Board of Cupid Breweries and Distilleries approved two acquisitions to be done entirely through share swaps. The first is the acquisition of up to 100% of Rinpoche Spirits Private Limited (RSPL) by issuing roughly 3.87 crore new shares of the company at Rs. 90 each (Rs. 10 face value plus Rs. 80 premium), valuing the deal at around Rs. 348.38 crore. The second is the acquisition of up to 8.75 lakh shares of Crochet Industries Private Limited (CIPL) by issuing about 6.51 lakh new shares, also at Rs. 90 each, worth around Rs. 5.86 crore. Both issues are on a preferential basis for consideration other than cash. The Board also approved raising the authorised share capital from Rs. 63 crore to Rs. 111 crore (from 6.3 crore shares to 11.1 crore shares of Rs. 10 each), subject to shareholder approval. The RSPL acquisition adds IMFL manufacturing facilities in Goa and West Bengal and brewery assets in Odisha and West Bengal, expanding the company's national footprint.
Shareholders should expect significant dilution, with roughly 3.94 crore new shares being issued — a sizeable expansion of the equity base. However, since both deals are share swaps with no cash outflow and bring additional manufacturing capacity and revenue visibility, this could be viewed as a growth-driven consolidation move rather than a cash drain.