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 Limited, formerly known as Cupid Trades and Finance Limited, faces a significant setback as its statutory auditor, H Rajen & Co., has tendered their resignation with immediate effect. The resignation, which came into effect on November 15, 2025, has raised concerns about the company's audit process and financial transparency.

Reasons for Resignation

The auditor cited two primary reasons for their departure:

1. Unacceptable data/documents for conducting the limited review audit
2. Peer pressure from the board/management

These reasons suggest potential issues with the company's financial reporting practices and raise questions about the relationship between the auditor and the company's management.

Impact on the Company

The resignation of H Rajen & Co. has several implications for Cupid Breweries And Distilleries:

1. Audit Process Disruption: The company's audit process may be disrupted, potentially delaying financial reporting and compliance with regulatory requirements.
2. Regulatory Scrutiny: This event may attract increased attention from regulatory bodies, given the nature of the auditor's concerns.
3. Investor Confidence: The resignation and its cited reasons could affect investor confidence in the company's financial management and corporate governance.

Company's Response

Cupid Breweries And Distilleries has acknowledged the auditor's resignation and is taking steps to address the situation:

1. The company received the resignation letter on November 16, 2025.
2. As per regulatory requirements, Cupid Breweries And Distilleries is awaiting complete information from the auditor before submitting final details to stock exchanges.
3. The company plans to provide a detailed disclosure, including the auditor's information, as specified under SEBI Circular No. CIR/CFD/CMD1/114/2019 dated October 18, 2019.

Key Details of the Resignation

This development underscores the importance of maintaining transparent and cooperative relationships between companies and their auditors. It also highlights the critical role that auditors play in ensuring the integrity of financial reporting and corporate governance.

Stakeholders will likely be watching closely for further developments and the appointment of a new statutory auditor for Cupid Breweries And Distilleries Limited.