Cupid Breweries And Distilleries Limited has issued a revised outcome of its Board meeting held on January 3, 2026, correcting specific details related to the Crochet Industries Private Limited acquisition. The revision addresses corrections in the number of proposed allottees and corresponding equity shares to be issued, while maintaining all other transaction terms unchanged.

Revised Acquisition Details

The company has corrected the Crochet Industries acquisition parameters following the original board approval:

The correction increases the total consideration for the Crochet Industries acquisition from ₹4.86 crores to ₹5.86 crores, while the issue price remains unchanged at ₹90 per share (including premium of ₹80).

Confirmed Major Acquisitions

Both strategic acquisitions approved through preferential share issuance remain on track:

The Rinpoche Spirits acquisition involves 10 investors and will provide IMFL manufacturing projects in Goa and West Bengal, along with brewery assets in Orissa and West Bengal.

Substantial Funding Arrangements

The board has approved comprehensive funding initiatives to support expansion:

UCO Bank has issued an in-principal sanction letter for ₹120 crores to kick-start operational units, providing immediate funding support.

Corporate Governance and Listing Plans

Additional strategic decisions include NSE listing application to provide enhanced liquidity and additional trading platform for investors. The board has also approved amendments to Articles of Association to expand enabling provisions for equity share issuance and strengthen corporate governance framework.

An Extraordinary General Meeting is scheduled for January 27, 2026, to seek shareholder approval for the proposed transactions. The board clarified that preliminary discussions from November 27, 2025, regarding proposed preferential issues have been nullified, while all other agenda items from that meeting remain valid.

Investor Details and Allotment Structure

The revised Crochet Industries acquisition involves 16 investors, with the largest allocation going to Duvva Pavan Kumar (1.25 lakh shares in CIPL for 93,056 Cupid shares), followed by three investors each receiving 74,444 Cupid shares for their 1 lakh CIPL shares. All proposed allottees are classified as non-promoter public investors.

The comprehensive revision ensures accurate disclosure while maintaining the strategic intent of both acquisitions, positioning Cupid Breweries And Distilleries for significant expansion in the Indian alcohol market through enhanced manufacturing capabilities and national footprint.

Cupid Breweries And Distilleries Limited has successfully concluded its postal ballot process, with shareholders overwhelmingly approving the appointment of new auditors. The company had earlier announced significant changes to its auditing team following resignations and discontinuations of previous auditors.

Postal Ballot Results

The e-voting for the postal ballot commenced on November 22, 2025 (09:00 A.M. IST) and concluded on December 21, 2025 (05:00 P.M. IST). Mrs. Bhumika Shah, Proprietor of M/s. Bhumika & Co. (ACS: 37321, CP No.: 19635), served as the scrutinizer for the postal ballot process.

Key Appointments Approved

The Board had approved the following appointments on November 18, 2025:

Reasons for Changes

Statutory Auditor: The appointment of M/s. MMRS & Co. fills the casual vacancy created by the resignation of M/s. H. Rajen & Co.

Internal Auditor: M/s. R Narsihma and Associates replaces M/s. H. M. Shah & Co., which was discontinued due to engagement in services inconsistent with auditor independence requirements.

Terms of Appointment

• Statutory Auditor: M/s. MMRS & Co. will hold office until the conclusion of the 40th Annual General Meeting
• Internal Auditor: M/s. R Narsihma and Associates will serve for the remainder of the financial year 2025-26

Profile of New Auditors

M/s. MMRS & Co. (Statutory Auditor) is a peer-reviewed partnership firm of Chartered Accountants with extensive experience in various types of audits, including statutory, internal, concurrent, and stock audits. The firm has expertise in company law compliance, forensic accounting, business valuations, and mergers & acquisitions.

M/s. R Narsihma and Associates (Internal Auditor) brings experience in Accounting, Auditing, Taxation (Direct Tax and GST), and provides Consultancy and Virtual CFO services. The firm offers end-to-end accounting, monthly financial closings, and statutory compliance services across diverse sectors including Construction & Real Estate, Banking, Healthcare, and IT.

These appointments reflect Cupid Breweries and Distilleries Limited's commitment to maintaining robust financial oversight and ensuring compliance with regulatory requirements. The overwhelming shareholder approval demonstrates confidence in the new auditing arrangements.