Cupid Breweries and Distilleries Limited has submitted a revised outcome of its board meeting held on January 03, 2026, providing comprehensive details of strategic acquisitions and funding arrangements. The revision primarily addresses corrections in the Crochet Industries Private Limited (CIPL) acquisition parameters while maintaining all previously approved transaction terms.

Strategic Acquisitions Framework

The board approved two major acquisitions through preferential share issues, designed to enhance the company's national footprint and manufacturing capabilities. Both transactions involve share swap mechanisms for consideration other than cash.

RSPL Acquisition Details

The acquisition of Rinpoche Spirits Private Limited will provide strategic advantages through IMFL manufacturing projects in Goa and West Bengal, along with brewery assets in Orissa and West Bengal. The transaction involves issuing up to 3,87,08,920 equity shares to 10 allottees, with promoters Erramilli Venkatachalam Prasad and Lily Bhagvandas Rodrigues each receiving 1,16,48,416 shares.

Corrected CIPL Acquisition Parameters

The revised disclosure corrects the CIPL acquisition to involve 16 allottees receiving 6,51,387 equity shares. The largest allocation goes to Duvva Pavan Kumar with 93,056 shares, followed by equal allocations of 74,444 shares each to Parasuram Gopinath, Kopuri Vijayakumar Gupta, and Ramakrishna Mandava.

Comprehensive Funding Arrangements

The board approved substantial funding mechanisms to support operational expansion and working capital requirements across multiple channels.

Corporate Governance and Compliance

The board approved amendments to the Articles of Association to expand enabling provisions for equity share issuance and strengthen corporate governance frameworks. Additionally, the company received approval to apply for NSE listing alongside existing BSE listing to enhance liquidity for investors.

The Extraordinary General Meeting scheduled for January 27, 2026, will seek shareholder approvals for all proposed transactions. The revised outcome was submitted under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, with the company clarifying that preliminary discussions from the November 27, 2025 board meeting regarding preferential issues have been nullified.

Cupid Breweries and Distilleries Limited has filed the mandatory disclosure under Regulation 10(6) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, confirming the completion of inter se transfer of equity shares between promoters. The regulatory filing was submitted within the prescribed timeline following the share transfer completed on January 1, 2026.

Transaction Overview

The share transfer involved promoter Erramilli Venkatachalam Prasad acquiring equity shares from his spouse, Mrs. Lily Bhagvandas Rodrigues, through a gift transaction with no monetary consideration. The transaction qualified for exemption from open offer obligations under Regulation 10(1)(a)(i) as it involved immediate relatives within the promoter group.

Shareholding Changes

The inter se transfer resulted in redistribution of shareholding between the promoter spouses, with both maintaining equal shareholding percentages post-transaction. The company's control structure remained unchanged as the shares continued within the promoter group.

Regulatory Compliance Status

Promoter Erramilli Venkatachalam Prasad confirmed that the Regulation 10(6) disclosure was filed within four working days from the acquisition date, ensuring compliance with SAST Regulations. The filing addressed the earlier delayed submission of Regulation 10(5) disclosure, which was filed on January 5, 2026, with a request for condonation of delay.

Key Regulatory Clarifications

The promoter clarified that a minor difference of 17 equity shares between the Regulation 10(5) and 10(6) disclosures was due to shares tendered pursuant to an open offer, which were credited to a separate demat account and not factored during the initial filing. The transaction maintained no change in company control and caused no prejudice to public shareholders, fulfilling all substantive provisions of SAST Regulations.