Newspaper Publication pertaining to recommendation of Committee of Independent Directors of the Company on the Open Offer to the public shareholders of the Company.
Price
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Awaiting price reaction for this filing.
Cupid Breweries and Distilleries has published the recommendation of its Committee of Independent Directors (IDC) on the Open Offer made by acquirers Erramilli Venkatachalam Prasad and Rodrigues Bhagvandas Lily along with PAC Erramilli Rishab. The newspaper ads appeared on October 22, 2025, in Financial Express, Jansatta, and Navshakti. The Open Offer is for up to 9,60,000 equity shares (100% of pre-preferential public shareholding or 1.85% of voting capital) at Rs. 71.80 per share, which includes Rs. 11.80 interest at 10% per annum for delay in making the offer. The IDC found the offer price fair and reasonable under SEBI Takeover Regulations but noted that the shares are currently trading on BSE at a price higher than the offer price. The IDC unanimously advised shareholders to independently evaluate the offer against the current market price before deciding to tender.
Shareholders should note the offer price of Rs. 71.80 is below the current BSE market price, so tendering may not be financially attractive unless they wish to exit at the offered price. The revised price incorporates 10% annual interest for the delay since the original Public Announcement in February 2025.