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.

Cupid Breweries And Distilleries 's planned acquisition of SDF Industries Limited through the Corporate Insolvency Resolution Process has been called off, according to a recent disclosure by the company. The cancellation stems from disagreements over additional conditions that were inconsistent with the approved Resolution Plan.

Key Details of the Cancelled Acquisition

Background and Reasons for Cancellation

Cupid Breweries was previously identified as the Successful Resolution Applicant for SDF Industries. However, the company reports that certain conditions incorporated in the Letter of Intent (LOI) issued by the Resolution Professional on behalf of the Committee of Creditors (CoC) were not aligned with their Composite Resolution Plan.

The company stated that these additional conditions could have potentially undermined the objective of reviving SDF Industries. Despite Cupid Breweries' written representations and requests for reconsideration, the issues remained unresolved.

Outcome and Financial Impact

As a result of the unresolved disagreements:

1. The Committee of Creditors revoked the Letter of Intent.
2. The Earnest Money Deposit (EMD) of Rs. 2,00,000 was forfeited.

Cupid Breweries has reported that, aside from the forfeited deposit amount, there is no other material financial impact on the company arising from this development.

Disclosure and Compliance

The company made this disclosure in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The announcement aims to keep shareholders and investors informed about this significant development in the previously announced acquisition plan.

This turn of events highlights the complexities involved in corporate insolvency resolution processes and the importance of alignment between all parties on the terms and conditions of such acquisitions.