Cupid Breweries And Distilleries Limited (ISIN: INE108G01010) has submitted revised shareholding details, correcting errors in a previously filed report regarding a share swap transaction. The company, which has seen significant changes in its financial position, is proceeding with a strategic move involving its promoters.

Key Points of the Revision

• Corrections Made:

  • Equity shares held by promoters in Rinpoche Spirits Private Limited (RSPL)
  • Name correction for one of the shareholders
  • Consequential changes in the total RSPL shares

• Promoters Involved:

  • Mr. Erramilli Venkatachalam Prasad
  • Mrs. Lily Bhagvandas Rodrigues

Transaction Details

The promoters, jointly holding 50.08% of the paid-up share capital, are acquiring additional shares through a creeping acquisition. This transaction falls under Regulation 3(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, and involves consideration other than cash.

Financial Context

While the share swap is a significant corporate action, it's important to view this in the context of the company's recent financial performance. Based on the latest balance sheet data:

The company has experienced substantial growth in its asset base, with total assets increasing by 490.91%. However, it's noteworthy that the company's equity remains negative, indicating ongoing financial challenges despite the asset growth.

Implications and Outlook

The share swap transaction and the corrections in shareholding details come at a time when Cupid Breweries And Distilleries Limited is showing signs of significant operational expansion, as evidenced by the sharp increase in assets. However, the negative equity position suggests that the company may be relying heavily on debt or other liabilities to fund this growth.

The creeping acquisition by the promoters could be seen as a vote of confidence in the company's future prospects, despite the current financial position. Investors and market watchers will likely be keen to see how this transaction and the company's rapid asset growth translate into improved financial performance and equity position in the coming quarters.

Stakeholders are advised to closely monitor future financial reports and corporate announcements for a comprehensive understanding of the company's strategic direction and financial health.

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.