To Approve 1. Allotment of 10,10,591 equity shares against conversion of unsecured loan. 2. Allotment of 5,00,12,441 equity shares pursunt to share swap
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Cupid Breweries and Distilleries has allotted 5,00,12,411 equity shares at Rs. 60 per share (face value Rs. 10, premium Rs. 50) to shareholders of Crochet Industries Pvt Ltd (CIPL) on a share-swap basis, acquiring a 97.83% stake in CIPL. Separately, 10,10,591 equity shares were allotted at the same Rs. 60 price against the conversion of an unsecured loan. The acquisition brings CIPL, an alcoholic spirits and distilled beverages manufacturer based in Odisha, into the company's fold, though CIPL reported NIL turnover for FY22, FY23, and FY24 (with revenue of about Rs. 1.76 crore as of December 2024). Two allottees, Erramilli Venkatachalam Prasad and Rodrigues Bhagvandas Lily, will be classified as Promoters of the company. The Board deferred the earlier proposed allotment of convertible warrants to a later date. The deal involved no cash outflow, with valuations done by a SEBI-registered valuer.
This is a non-cash acquisition that expands Cupid Breweries into the IMFL/manufacturing space via a share swap, but the target has zero turnover in the last three years, so near-term revenue impact is limited. Existing shareholders face significant dilution from over 5.1 crore new shares, and the promoter change adds uncertainty until the open offer process is completed.