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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Cupid Breweries' board approved acquiring up to 100% of Rinpoche Spirits Private Limited (RSPL) through a share swap, issuing up to 3.87 crore equity shares at Rs. 90 each (total ~Rs. 348.38 crores). RSPL brings IMFL manufacturing facilities in Goa and West Bengal plus brewery assets in Orissa and West Bengal, expanding the company's national footprint. The board also approved acquiring up to 8,75,000 shares of Crochet Industries Pvt Ltd (CIPL) via share swap of up to 6,51,387 shares (~$5.86 crores). Additionally, the company plans to raise up to Rs. 900 crores via External Commercial Borrowings, take working capital loans of up to Rs. 900 crores (UCO Bank has given in-principle sanction of Rs. 120 crores), and apply for listing on NSE alongside its existing BSE listing. The unsecured loan from directors (up to Rs. 90 crores) was extended for 12 months, and an EGM is scheduled for January 27, 2026, to seek shareholder approvals.
The acquisitions via share swap will significantly expand Cupid's manufacturing capacity and geographic reach in the alcoholic beverages space without cash outflow, but will result in dilution for existing shareholders. The planned Rs. 1,800 crores in borrowing capacity (ECB + working capital) signals aggressive growth ambitions, while the NSE listing application could improve stock liquidity.