New Delhi, Venture debt firm Anicut Capital has reportedly taken over the shares held by Bira 91 founder Ankur Jain and his family in B9 Beverages, marking the latest step in the financially distressed brewer’s restructuring.
Anicut is expected to lead B9 Beverages’ restructuring and nominate three representatives to the company’s board. IAS Balamurugan, Co-founder of Anicut Capital and a former corporate banker with ICICI Bank, is expected to be among the nominees.
The transaction covers the promoter family’s 17.8% equity stake in B9 Beverages. Anicut had created a lien over these shares against loans it provided to the company between 2017 and 2022. Jain and his family hold approximately 26% of the company’s voting rights through their shareholding structure.
However, Anicut will reportedly not gain control over the voting rights immediately. The transfer of voting control will depend on the completion of specified restructuring milestones over the next three to six months.
The development follows Jain’s decision to step down from the B9 Beverages board and relinquish executive control as part of a settlement with the company’s investors and lenders. The agreement ended a dispute that had continued for nearly two years and provided Jain relief from personal liabilities associated with company borrowings and guarantees.
B9 Beverages is facing debt and other liabilities estimated at approximately ₹1,000 crore. Production has remained suspended amid liquidity constraints, delayed payments and disagreements among the founder, lenders and institutional shareholders.
The company’s shareholders include Peak XV Partners, Sofina and Japanese beverages company Kirin Holdings. Anicut Capital and the family office of Hero Corporate Services are among its major lenders.
The restructuring is expected to focus on recapitalising B9 Beverages, settling statutory, employee and vendor dues and restarting commercial operations. Existing investors and lenders are expected to play a central role in arranging the funds required for the revival.
B9 Beverages owns Bira 91, an Indian beer brand launched in 2015. The company expanded rapidly across India and overseas markets, raised capital from global investors and acquired The Beer Café in 2022. It subsequently encountered financial and operational challenges, including regulatory disruptions, mounting debt and suspended production.
