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 has issued a revised outcome of its January 3, 2026 board meeting, correcting the number of allottees for the Crochet Industries acquisition. The board approved acquiring up to 100% of Rinpoche Spirits Pvt Ltd (RSPL) via a share swap worth about Rs. 348.38 crore — issuing up to 3.87 crore equity shares at Rs. 90 each — giving it IMFL plants in Goa and West Bengal plus brewery assets in Odisha and West Bengal. It also approved acquiring equity in Crochet Industries Pvt Ltd for ~Rs. 5.86 crore via 6.51 lakh shares at Rs. 90. The board nullified an earlier November 27, 2025 preferential issue proposal that did not progress. Additional approvals include raising up to Rs. 900 crore via External Commercial Borrowings and up to Rs. 900 crore in working-capital loans (UCO Bank has given in-principle sanction of Rs. 120 crore), extending a Rs. 90 crore unsecured loan facility from directors by 12 months, amending the Articles of Association, and applying for an NSE listing alongside the existing BSE listing. An EGM is scheduled for January 27, 2026 to seek shareholder approval.
The acquisitions are largely paid through share issuance, so existing shareholders will face meaningful dilution but gain access to new manufacturing assets and revenue streams in liquor and brewing. The simultaneous Rs. 1,800 crore fundraising push signals aggressive growth ambitions but raises leverage; an NSE listing should improve share liquidity and broaden the investor base.