From The Economic Times · Ratna Bhushan and Mohit Bhalla · · 1m
Bira 91 revival plan: Anicut-led board offers buyout
Anicut Capital-led board proposes buyout of key investors to recapitalize Bira 91 amid financial crisis
In brief
Anicut Capital-led board proposes buyout of key investors to recapitalize Bira 91 amid financial crisis Bira 91's board, led by its largest lender Anicut Capital, is buying out major investors to stabilize the craft beer brand facing ₹1,500 crore debt Originally reported by The Economic Times.
Bira 91 board reconstituted
Anicut Capital leads Bira 91's new board to recapitalize the craft beer brand amid financial struggles
“One of the preconditions for any new investor, including family offices or PE firms, is that existing investors have to exit”
Key investors to exit
Kirin Holdings, Peak XV Partners and Sofina hold 41.1% stake but face buyout offers to exit the company
“Japan's Kirin Holdings, which holds 20.1 percent stake in B9 Beverages, has engaged EY for the process of its stake sale”
Founder exits
Bira 91 founder Ankur Jain and his family gave up board positions after two-year dispute over unpaid salaries and debt
“Founder Jain and his family gave up their board positions on 22 July in lieu of being relieved of all personal liabilities towards the company”
Debt restructuring underway
Bira 91 faces ₹1,000-1,500 crore debt with operations at standstill for a year, seeking brand value as benchmark
“The company has liabilities of 1000 to 1500 crore and operations have been at a standstill for a year now”
Settlement offers made
Bira 91 has made settlement offers to 60 large vendors and financial creditors for debt resolution
“About 60 large vendors have also been asked to settle their dues and continue servicing the company”
The key point
Bira 91's board, led by its largest lender Anicut Capital, is buying out major investors to stabilize the craft beer brand facing ₹1,500 crore debt
