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 announced a significant business development on December 30, 2025, following a high-level meeting with the Hon'ble Chief Minister of Goa. The meeting focused on the company's expansion plans and regulatory requirements for establishing manufacturing operations in the state.

Key Discussion Points

The management team presented four critical business initiatives during the meeting with the Chief Minister:

Regulatory Framework and Expansion Strategy

The company emphasized that the discussions were constructive and focused on facilitating the proposed initiatives within the applicable regulatory framework. This indicates a collaborative approach between Cupid Breweries and Distilleries Limited and the Goa state government toward establishing manufacturing operations in the region.

The meeting addressed both the parent company's direct manufacturing ambitions and the operational status of its subsidiary, Forte Spirits Private Limited. The subsidiary already holds an existing license, and discussions covered the commencement of its commercial operations along with securing additional brewery licensing.

Business Development Implications

The engagement with Goa's Chief Minister represents a strategic move by Cupid Breweries and Distilleries Limited to expand its manufacturing footprint in one of India's key markets for alcoholic beverages. The comprehensive nature of the discussions, covering land acquisition, multiple product categories, and subsidiary operations, suggests a substantial expansion plan.

Future Disclosures

The company has committed to making appropriate disclosures in accordance with applicable laws as and when there are material developments regarding these initiatives. This regulatory filing was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency with stakeholders about significant business developments.