Notice of 2nd Extra-Ordinary general Meeting of the Company for the FY 2025-26 proposed to be held on Tuesday, January 27, 2026 at 12:00 noon through VC/OAVM facility.
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Cupid Breweries and Distilleries has called its 2nd EGM of FY 2025-26 on January 27, 2026 at 12:00 noon through video conferencing. The key business items include (a) increasing the authorised share capital from Rs. 63 crore to Rs. 111 crore, (b) issuing up to 3.87 crore equity shares at Rs. 90 each (Rs. 80 premium), aggregating about Rs. 348.38 crore, to acquire 100% of Rinpoche Spirits Pvt Ltd via a share swap, and (c) issuing about 6.51 lakh shares worth Rs. 5.86 crore to acquire around 1.94% of Crochet Industries Pvt Ltd, also via share swap. Other items seek shareholder approval to raise up to Rs. 900 crore through External Commercial Borrowings (ECB), avail working capital facilities up to Rs. 900 crore from banks/financial institutions, extend an unsecured loan agreement with three directors up to Rs. 90 crore, and alter the Articles of Association to add new clauses including director liability protection and limits on direct shareholder communication with directors.
Existing public shareholders will see meaningful dilution if both preferential issues are approved — roughly 3.94 crore new shares are proposed at a 9x premium to face value. The share swaps will bring Rinpoche Spirits (100%) and a small stake in Crochet Industries into the company, funded entirely through equity rather than cash. Additionally, the proposed Articles amendments narrow shareholders' ability to directly approach directors, which may be a concern for minority shareholders, while the Rs. 900 crore ECB plus Rs. 900 crore working cap lines mark a significant debt expansion relative to the company's current size.