Cupid Breweries And Distilleries has announced a revised open offer by Erramilli Venkatachalam Prasad and Rodrigues Bhagvandas Lily to acquire up to 9,60,000 fully paid-up equity shares, representing 100% of the existing public shareholding. The offer price has been increased to ₹71.40 per share, which includes an interest component of ₹11.40 per share calculated at 10% per annum for 693 days from December 8, 2023, to October 31, 2025.

Revised Offer Details

The total offer consideration now amounts to ₹6,85,44,000. This revision complies with SEBI takeover regulations, with Saffron Capital Advisors Private Limited continuing as the manager to the offer.

Reasons for Revision

The increase in the offer price is due to the addition of an interest component, calculated to compensate for the delay in making the open offer. This adjustment aligns with regulatory requirements and aims to ensure fair treatment of public shareholders.

Key Points of the Revised Offer

Implications for Shareholders

Public shareholders of Cupid Breweries And Distilleries now have the opportunity to tender their shares at a higher price. The revised offer provides an additional incentive for shareholders to participate, given the inclusion of the interest component.

Regulatory Compliance

The acquirers have emphasized that this revision complies with SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The move demonstrates a commitment to regulatory adherence and shareholder interests.

Next Steps

Shareholders are advised to review the detailed terms and conditions of the revised offer. The timeline for the offer process remains subject to regulatory approvals and will be communicated in due course.

Cupid Breweries And Distilleries' stock may see increased activity as investors assess the implications of this revised open offer. Market participants will be closely watching for any further developments or responses from the company's management.

Shareholders and potential investors are encouraged to stay informed and consult with their financial advisors regarding any decisions related to this open offer.

Cupid Breweries And Distilleries (formerly known as Cupid Trades and Finance Limited) is gearing up for its 39th Annual General Meeting (AGM) scheduled for September 30, 2025. The meeting, to be held virtually, comes at a pivotal time for the company as it continues its strategic expansion in the brewing and distillery sector.

Key AGM Agenda Items

The AGM will address several important matters:

1. Adoption of financial statements for the year ended March 31, 2025
2. Re-appointment of Dr. Lily Bhagvandas Rodrigues as a director
3. Appointment of M/s. Bhumika & Co. as Secretarial Auditors for a five-year term

Financial Performance

The company's financial results for FY 2024-25 reflect its transitional phase:

While the company reported a loss, this is attributed to ongoing investments in capacity building and expansion efforts.

Strategic Initiatives

Cupid Breweries and Distilleries has undertaken several strategic moves to position itself in the brewing and distillery sector:

1. Name Change: The company changed its name from Cupid Trades and Finance Limited to better reflect its new business focus.

2. Business Diversification: It has shifted its primary business activity from trading and financial services to the brewing industry.

3. Investments: The company has made strategic investments in several entities:

   • Martin Judds Microbreweries Pvt Ltd (10.72% stake)
   • Srilab Alcobev Pvt Ltd (1.14% stake)
   • Srilab Distilleries Limited (0.11% stake)
   • Srilab Spirits Pvt Ltd (4.71% stake)

4. Expansion Plans: The company is setting up new facilities and expanding existing ones:

   • Goa (Ponda): Development of a distillery and brewing facility
   • Mysore, Karnataka: Expansion of brewing capacity
   • Kalyani, West Bengal: Setting up a new integrated unit
   • Pune, Maharashtra: Expansion of craft beer and premium segment production

5. International Ventures: The company is exploring opportunities in Ras Al Khaimah (UAE) and has invested in patented technology for alcohol-free beer production.

Corporate Governance

The company has taken steps to strengthen its corporate governance:

• Appointment of new independent directors
• Formation of various board committees
• Implementation of a robust internal audit system

Future Outlook

Despite current losses, management remains optimistic about medium to long-term prospects. The company is focusing on:

• Capacity expansion and modernization of infrastructure
• Launch of premium variants and ready-to-drink beverages
• Strengthening distribution networks
• Leveraging hospitality and tourism-linked ventures

Cupid Breweries and Distilleries Limited is positioning itself as an emerging player in the Indian alcoholic beverage market, with a clear focus on premium and craft offerings. The upcoming AGM will be crucial in outlining the company's path forward as it seeks to capitalize on the growing demand for quality alcoholic beverages in India and beyond.

Shareholders will be keenly watching for further details on the company's expansion plans and strategies to achieve profitability in the coming years.