Bira 91 maker B9 Beverages is exploring a major restructuring and recapitalisation plan, with the company’s newly reconstituted board, led by its largest lender Anicut Capital, offering to acquire the stakes held by key investors including Japan’s Kirin Holdings, Peak XV Partners and Belgium-based Sofina. The move comes as the financially stressed craft beer company seeks to bring existing stakeholders on board before raising fresh capital.
According to people familiar with the matter, prospective investors, including family offices and private equity firms, want existing backers who are unwilling to participate in the revival plan to exit before any new funding is injected into B9 Beverages. Kirin Holdings, Peak XV Partners and Sofina together hold around 41.1% of the company.
Kirin Holdings is the largest among these investors, with a 20.1% stake in B9 Beverages. The Japanese beverage company, which first invested in the maker of Bira 91 in 2021, has reportedly appointed EY to oversee the process of selling its stake. The proposed exit comes as Kirin reassesses its investment in the financially troubled Indian craft beer company.
Bira 91 founder Ankur Jain and his family previously held a 17.8% stake in B9 Beverages. However, their stake was taken over by Anicut Capital, the company’s largest lender, following Jain’s exit in July. Jain and his family stepped down from the company’s board on July 22 in exchange for being released from their personal liabilities towards B9 Beverages. Their shares had been pledged as security against loans extended by Anicut Capital.
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The revival plan also involves negotiations with B9 Beverages’ financial creditors. Settlement proposals have reportedly been made to lenders and financial stakeholders including Trifecta Capital, IDFC First Bank and Kirin Holdings. Any settlement, however, would depend on reaching an agreement over the valuation of the company and its outstanding liabilities.
B9 Beverages is estimated to have liabilities of around ₹1,000 crore to ₹1,500 crore, while its operations have reportedly remained largely stalled for nearly a year. In the current circumstances, the Bira 91 brand is estimated to be worth around ₹300 crore, making the brand value an important reference point in discussions over the company’s revival and creditor settlements.
Financial creditors may also have to accept significant loan write-offs as part of the restructuring process, with recovery expectations reportedly at around 20% of their total exposure. The proposed revival therefore depends on reaching agreements with investors, lenders, vendors and other stakeholders.
The company is also negotiating with major vendors as part of the restructuring exercise. Around 60 large vendors have reportedly been approached to settle outstanding dues and continue supplying services to the company once operations resume.
The Anicut-led board is now attempting to consolidate ownership and resolve outstanding liabilities before attracting fresh investors. The proposed acquisition of stakes from existing investors, combined with settlements with lenders and vendors, forms a key part of the broader Bira 91 revival plan for B9 Beverages.
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