Cupid Breweries and Distilleries Limited conducted an Extra-Ordinary General Meeting on January 27, 2026, through video conferencing to address several strategic business resolutions aimed at capital expansion and corporate restructuring. The meeting commenced at 12:00 noon IST and concluded at 12:32 PM IST, with all proceedings conducted in accordance with Ministry of Corporate Affairs and Securities and Exchange Board of India circulars.

Board Participation and Leadership

The EGM was presided over by Mr. Erramilli Venkatachalam Prasad, Chairman cum Managing Director, who authorized Mr. Sachin Rawat, Chief Financial Officer and Company Secretary, to conduct the meeting proceedings. All eight directors participated virtually from different locations across India.

Key Resolutions and Strategic Initiatives

The meeting addressed seven critical resolutions covering capital restructuring, strategic acquisitions, and financial arrangements. The primary resolution involved increasing the company's authorized share capital from Rs. 63,00,00,000 to Rs. 111,00,00,000, representing a substantial expansion in the company's capital base.

Strategic Equity Transactions

Two special resolutions focused on equity share issuances on preferential basis for consideration other than cash through equity swaps:

Financial Arrangements and Credit Facilities

The company sought approval for significant financial arrangements to support its operational and expansion requirements. Resolution No. 5 addressed approval for raising funds through External Commercial Borrowings (ECB), while Resolution No. 6 covered extension of existing unsecured loan agreements with directors and continuation of outstanding unsecured loans.

A major financial resolution involved approval for availing working capital credit facilities up to Rs. 900 crores from various banking institutions including UCO bank, PSU banks, private and scheduled banks, and financial institutions.

Voting Process and Compliance

The company provided comprehensive voting facilities to shareholders through remote e-voting via the NSDL system from January 24, 2026 (9:00 AM) to January 26, 2026 (5:00 PM). Members who had not participated in remote voting were given opportunities to vote electronically during the EGM and up to 15 minutes after its conclusion. Ms. Neha Poddar, Practicing Company Secretary, served as Scrutinizer to oversee the voting process.

Shareholders registered as speakers were provided opportunities to express views and ask questions, with the Chairman and Finance Director responding to all queries raised during the proceedings. The consolidated results of remote e-voting and e-voting during the EGM will be announced after scrutiny and submitted to Stock Exchanges, placed on the company's website, and NSDL's website in accordance with SEBI regulations.

Cupid Breweries and Distilleries Limited has submitted a revised outcome of its board meeting held on January 03, 2026, providing comprehensive details of strategic acquisitions and funding arrangements. The revision primarily addresses corrections in the Crochet Industries Private Limited (CIPL) acquisition parameters while maintaining all previously approved transaction terms.

Strategic Acquisitions Framework

The board approved two major acquisitions through preferential share issues, designed to enhance the company's national footprint and manufacturing capabilities. Both transactions involve share swap mechanisms for consideration other than cash.

RSPL Acquisition Details

The acquisition of Rinpoche Spirits Private Limited will provide strategic advantages through IMFL manufacturing projects in Goa and West Bengal, along with brewery assets in Orissa and West Bengal. The transaction involves issuing up to 3,87,08,920 equity shares to 10 allottees, with promoters Erramilli Venkatachalam Prasad and Lily Bhagvandas Rodrigues each receiving 1,16,48,416 shares.

Corrected CIPL Acquisition Parameters

The revised disclosure corrects the CIPL acquisition to involve 16 allottees receiving 6,51,387 equity shares. The largest allocation goes to Duvva Pavan Kumar with 93,056 shares, followed by equal allocations of 74,444 shares each to Parasuram Gopinath, Kopuri Vijayakumar Gupta, and Ramakrishna Mandava.

Comprehensive Funding Arrangements

The board approved substantial funding mechanisms to support operational expansion and working capital requirements across multiple channels.

Corporate Governance and Compliance

The board approved amendments to the Articles of Association to expand enabling provisions for equity share issuance and strengthen corporate governance frameworks. Additionally, the company received approval to apply for NSE listing alongside existing BSE listing to enhance liquidity for investors.

The Extraordinary General Meeting scheduled for January 27, 2026, will seek shareholder approvals for all proposed transactions. The revised outcome was submitted under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, with the company clarifying that preliminary discussions from the November 27, 2025 board meeting regarding preferential issues have been nullified.