In a significant corporate action, Erramilli Venkatachalam Prasad and Rodrigues Bhagvandas Lily have announced an open offer to acquire the entire public shareholding of Cupid Breweries And Distilleries Limited (formerly known as Cupid Trades and Finance Limited). This move comes as part of a substantial acquisition of shares in the target company.

Open Offer Details

The open offer aims to acquire up to 9,60,000 fully paid-up equity shares, representing 100% of the existing public shareholding of Cupid Breweries And Distilleries Limited. Here are the key details of the offer:

The offer price includes an interest component calculated at 10% per annum for the offer period, accounting for the delay in making the open offer.

Regulatory Compliance

The open offer is being made in compliance with Regulations 3(1) and 4 read with Regulations 13, 14, and 15(1) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. This ensures that the acquisition process adheres to the regulatory framework set by SEBI.

Committee of Independent Directors' Recommendation

The Committee of Independent Directors (IDC) of Cupid Breweries And Distilleries Limited has reviewed the open offer and provided their recommendations:

1. The IDC views the offer price of ₹71.80 per share as fair and reasonable, aligning with the parameters prescribed by SEBI regulations.
2. The committee believes that the offer complies with SEBI (SAST) Regulations, 2011.
3. However, the IDC has noted that the company's shares are currently trading on BSE at prices higher than the offer price.

Advice to Shareholders

The IDC has advised shareholders to independently evaluate the open offer in light of the current share price and make an informed decision before participating in the offer. This recommendation underscores the importance of shareholders conducting their own assessment of the offer's value proposition.

Market Implications

This open offer represents a significant development for Cupid Breweries And Distilleries Limited and its shareholders. It provides an opportunity for public shareholders to exit their investment at a price that includes an interest component for the delay in the offer. However, the fact that the market price is currently higher than the offer price adds an interesting dynamic to the decision-making process for shareholders.

As the offer unfolds, it will be crucial to monitor market reactions and any potential changes in the company's share price. Shareholders are encouraged to stay informed about market conditions and seek professional advice if needed before making their decision on the open offer.

Erramilli Venkatachalam Prasad and Rodrigues Bhagvandas Lily have announced an open offer to acquire up to 9,60,000 equity shares of Cupid Breweries And Distilleries , representing 100% of the existing public shareholding. The offer price has been set at ₹71.80 per share, which includes an interest component of ₹11.80 per share.

Offer Details

The interest component has been calculated at 10% per annum for 717 days, spanning from December 8, 2023, to November 24, 2025. This open offer represents a significant move to acquire the entire public shareholding of Cupid Breweries And Distilleries.

Key Points

• The public shareholding represents 1.85% of the existing voting share capital of the company.
• Saffron Capital Advisors Private Limited has been appointed as the manager to the open offer.
• A corrigendum was published on October 13, 2025, in Financial Express, Janasatta, and Navshakti newspapers to announce the revised offer price due to the increased interest component.

Regulatory Compliance

The open offer is being made in compliance with Regulations 3(1) and 4 read with Regulations 13, 14, and 15(1) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Impact on Shareholders

This open offer provides an opportunity for the public shareholders of Cupid Breweries And Distilleries to exit their investment at a premium. The offer price of ₹71.80 per share includes a significant interest component, potentially making it an attractive proposition for shareholders.

Company Background

Cupid Breweries And Distilleries, formerly known as Cupid Trades and Finance Limited, is listed on the BSE. The company's registered office is located at Block No. 2, Parekh Nagar, Nr. BMC Hospital, S V Road, Kandivali (West), Mumbai - 400067, Maharashtra, India.

Investors and shareholders are advised to carefully review the offer documents and seek independent financial advice before making any decisions regarding the open offer.

The open offer process will be conducted in accordance with SEBI regulations, and further updates will be provided as the offer progresses.