Board Meeting of the Company held on November 27, 2025 to consider and approve the transactions as stated in the outcome of Board Meeting.
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The board of Cupid Breweries and Distilleries, at its meeting on November 27, 2025, approved increasing the authorised share capital from Rs. 63 crore to Rs. 111 crore. It also approved acquiring 100% of Rinpoche Spirits Private Limited (RSPL) by issuing up to 3.87 crore equity shares at Rs. 90 each (~Rs. 348.38 crore), and acquiring up to 8.75 lakh shares of Crochet Industries Private Limited (CIPL) by issuing up to 6.51 lakh shares at Rs. 90 each (~Rs. 5.86 crore). Both acquisitions are structured as share swaps (consideration other than cash) at a premium of Rs. 80 per share. RSPL brings IMFL manufacturing projects in Goa and West Bengal plus brewery assets in Odisha and West Bengal, expected to expand the company's national footprint and revenue base. The newly issued shares (around 3.94 crore) will substantially expand the equity base and dilute existing shareholders.
Existing shareholders will face significant dilution as roughly 3.94 crore new shares will be issued against an existing base of about 6.30 crore shares. The acquisitions add manufacturing capacity in liquor and brewing, which could boost future revenue and EBITDA, but short-term share price may come under pressure due to the large equity issuance at a fixed price of Rs. 90.