For Kirin, the Bira story isn’t over yet. Next up, a recast of B9

“We are aware of the current management situation of B9 Beverages. Based on this, we are continuing joint discussions with other shareholders and creditors regarding the restructuring of the company,” a spokesperson for Kirin said in an emailed response. he said. Mint.

The company announced that it has no plans to exit its investment in the company and has no decision to sell its shares.

Overall, the company plans to restructure its management, governance and business strategy to help B9 overcome the current financial crisis and grow the Bira91 brand.

The spokesman added that Kirin Group continues to expand abroad in the alcoholic beverage business and that discussions regarding its business portfolio are not directly related to this issue.

Kirin has interests in the spirits, beverage and pharmaceutical industries.

Institutional investors, of course, hold the largest stake with a 28.6% stake in B9 Beverages, led by Peak XV (formerly Sequoia India) alongside Sofina, Sixth Sense, MUFG Bank, Tiger Pacific, Mayfield and GHIQF Mauritius.

Kirin Holdings owns 20.3% of B9 Beverages.

Beer last raised $25 million through external commercial debt from Kirin Holdings in June 2024.

in October, Mint It has been reported that several large institutional shareholders of B9 Beverages are considering removing its chief executive officer (CEO) and founder Ankur Jain due to concerns about the financially distressed company.

Investors are also ready to allocate additional funds to the company, provided Jain resigns.

Investors and lenders are also preparing to send an extraordinary general meeting request to Jain, said a person with direct knowledge of developments in the company.

“A request for the same will be sent shortly after getting signatures from all major shareholders. We are all ready to put in more money as soon as Ankur (Jain) leaves. When we talk about restructuring, it means equity ownership will change; some of the debt will be converted into equity; we have a whole plan for this. The condition is very clear from all sides that Ankur must resign,” said one of the lenders to the company. Mint on condition of anonymity.

Of course, shareholders can request an extraordinary general assembly by making a request with the support of members who hold at least 10% of the voting power or paid-in capital and have the right to vote. When such a valid request is received, the Board must call the EGM.

Once the request is received, the board of directors has 21 rights to call the EGM; The meeting must be held within 45 days.

Ankur Jain did not respond mint Request comments via email, call and text until publication.

This development comes less than a month after Kirin, along with Anicut Capital, B9 Beverages’ largest lender, took control of The Beer Cafe at Bira 91, which was previously a subsidiary of B9.

According to applications made to the Registrar of Companies, the purchase was made by demanding the shares pledged by B9.

However, B9 Beverages challenged Anicut Capital’s actions in the Delhi High Court, sparking a legal battle in the domestic craft beer industry.

B9 is facing a major crisis as the company struggles with declining revenues, delayed salary payments and employee unrest.

The brand presence has also shrunk as the product is now only available in a few markets.

Recently, lenders and investors, including Anicut Capital and Sunil Munjal of Hero Enterprises, have claimed B9 Beverages’ stake in the company and its related entities, as per reports. This led to Jain’s shares declining. Promoters, including Ankur Jain and his family, held 17.8% of the total holding; This has now diminished. Mint He was unable to independently verify Jain’s current holdings.

In September, investors and lenders, including Peak

Meanwhile, several employees filed a petition with the board and investors regarding delayed wages and management issues.

The beverage maker also undertook a restructuring effort by focusing on fewer states, cutting fixed costs and focusing on gross margins last year.