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.

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.