Revised outcome of the Board Meeting of the Company held on January 03, 2026 to consider and approve the transactions as stated in the outcome.
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The board approved acquiring up to 100% of Rinpoche Spirits Private Limited (RSPL) through a share swap valued at around Rs. 348.38 crores, issuing nearly 3.87 crore equity shares at Rs. 90 each to RSPL shareholders. RSPL adds IMFL manufacturing assets in Goa and West Bengal plus brewery assets in Orissa and West Bengal to the company's footprint. A second smaller acquisition of Crochet Industries Private Limited (CIPL) was also approved via share swap, involving about 6.51 lakh new shares worth around Rs. 5.86 crores. The board also cleared raising up to Rs. 900 crores through External Commercial Borrowings and another Rs. 900 crores in working capital loans, with UCO Bank already giving in-principle sanction of Rs. 120 crores to kick-start operations. The company plans to apply for NSE listing alongside its existing BSE listing and has called an EGM on January 27, 2026 to seek shareholder approvals. A prior share swap proposal discussed at the November 27, 2025 board meeting has been formally nullified as no further action was taken on it.
This is a significant expansion of the company's alcohol manufacturing and distribution footprint, but it comes with substantial equity dilution from over 3.93 crore new shares and large planned borrowings of up to Rs. 1,800 crores. Shareholders will vote on these proposals at the January 27, 2026 EGM, and successful execution could meaningfully boost revenue and EBITDA scale.