9 months ago
Kirin to Restructure B9 Beverages Amidst Funding Crunch and Management Concerns
Bira, a popular Indian beer brand, is having money problems and employee issues.
Its main shareholder, Kirin, is talking to other investors and lenders about changing how the company is run and managed.
Some big investors want the CEO to step down and are ready to give more money if he does.
The CEO hasn't responded yet.
Kirin Holdings, a major shareholder in B9 Beverages (Bira), is discussing restructuring with stakeholders and creditors
Kirin has no plans to exit its investment or sell shares in B9 Beverages
B9 Beverages is facing a funding crunch and employee unrest, leading to discussions on restructuring management, governance, and business strategy
Institutional investors hold the largest stake in B9 Beverages, with Kirin Holdings owning 20.3% of shares
Shareholders are considering removing CEO Ankur Jain and are willing to infuse additional funds if he steps down
- Who
- Kirin Holdings, B9 Beverages' stakeholders and creditors, and CEO Ankur Jain
- What
- Discussing and planning the restructuring of B9 Beverages
- Where
- B9 Beverages' offices and virtually among stakeholders
- When
- Currently, with a requisition for an extraordinary general meeting to be sent soon
- Why
- To navigate B9 Beverages' funding crunch, employee unrest, and management concerns
Investors and Lenders
Ankur Jain (CEO)
CEO Removal
Investors and Lenders
Willing to infuse additional funds if Jain steps down
Ankur Jain (CEO)
No response from Jain yet
Key facts
- Major Shareholders
- Institutional investors (28.6%), Kirin Holdings (20.3%)
- Funding
- Last raised $25 million in June 2024
- Current Crisis
- Funding crunch, employee unrest, declining revenues, and delayed salary payments
- Brand Presence
- Now available in only a few markets
- Legal Battle
- B9 Beverages vs. Anicut Capital over The Beer Cafe acquisition
Quotes
Spokesperson for Kirin
A spokesperson for Kirin Holdings, a Japanese company with interests in alcoholic drinks, beverages, and pharmaceuticals.
“We recognize the current management situation of B9 Beverages. Based on this, we are continuing joint discussions with other shareholders and creditors on the restructuring of the company.”
livemint.com
A lender to the company
A lender to B9 Beverages, speaking on the condition of anonymity.
“A requisition for the same will be sent shortly once we get every large shareholder to sign. Once Ankur (Jain) leaves we are all ready to put in more money. When we talk about restructuring, it means the equity shareholding will change; some of the debt will be converted into equity—we have a whole plan for that. The condition from all sides is very clear that Ankur must resign.”
livemint.com
