Cupid Breweries and Distilleries Limited's board approved the acquisition of full stakes in Rinpoche Spirits Private Limited and Crochet Industries Private Limited through share swaps on March 2, 2026. The company allotted approximately 4.44 crore equity shares valued around ₹348 crore for Rinpoche Spirits alone. It also greenlit new branch offices in five Indian states to bolster its alcoholic beverages operations.
Cupid Breweries and Distilleries Limited, formerly Cupid Trades and Finance Limited, held a board meeting on March 2, 2026, from 6:30 p.m. to 6:48 p.m. IST, approving key strategic moves in the alcoholic beverages sector. The board authorized the allotment of 3,87,08,920 equity shares at ₹90 each to acquire 100% of Rinpoche Spirits Private Limited (RSPL), valued at approximately ₹348.38 crore. This share swap provides full control over RSPL's manufacturing of Indian Made Foreign Liquor (IMFL) and distilled beverages in Odisha. Additionally, 6,51,387 shares at ₹90 each were allotted to shareholders of Crochet Industries Private Limited, following a prior 97.83% stake acquisition in April 2025.
The transactions comply with SEBI (ICDR) Regulations, 2018, and the Companies Act, 2013, with a valuation report from a SEBI-registered valuer ensuring arm's length pricing. Completion is expected within 20 days via corporate action. The board also approved a Memorandum of Understanding for purchasing a large alcobev production unit in Odisha, with details to follow definitive agreements.
To support expansion, new branch offices will open in West Bengal, Odisha, Sikkim, Goa, and Karnataka, aiding marketing, manufacturing, and excise license operations. This builds on a January 2026 approval for up to 100% stakes in both firms and an increase in authorized share capital to ₹111 crore, ratified by shareholders on January 27, 2026.
The company, listed on BSE with code 512361 and a market cap of about ₹166 crore, faces competition from giants like United Spirits Limited. Recent BSE fines include ₹4.36 lakh for delayed Q2 FY26 results in January 2026 and ₹1.50 lakh in December 2025. It has a subsidiary in Uzbekistan and trades alcobev raw materials.
