Latest news with #B9
Mint
26-06-2025
- Business
- Mint
Bira beer maker raises ₹85 cr in rights issue, cuts workforce to rein in costs
New Delhi/Mumbai: B9 Beverages has already raised ₹85 crore by selling fresh shares to existing investors at a massive discount, as the maker of Bira beer shrinks its workforce and restructures its operations to focus on fewer markets to cut costs, people close to the development said. The company, founded by Ankur Jain in 2015, is raising a total ₹100 crore in a rights issue for working capital requirements, and the remainder ₹15 crore is expected to be raised by the middle of July, the people cited earlier said on the condition of anonymity. These shares are being sold at ₹325 apiece, a substantial discount of 55% from a previous round when Japanese beer maker Kirin came in at over ₹700 per share. B9 currently has about 6,500 private investors, and a large family office is also likely to now come in as a first-time investor. The people cited earlier also said B9 has now reworked its arrangements with four breweries, which will no longer manufacture exclusively for them. This is being done to control costs. Read more: India's liquor stocks are on a high—what's fuelling the rally, and what could derail it It is also in the midst of raising an ₹800 crore round through which some of its early backers may look to cash out. A rights issue is a mechanism to raise funds, in which a company offers its existing shareholders the chance to buy more shares typically at a discounted price, in proportion to their holdings. Workforce shrink "A huge amount of shares have come up for sale in the last two years largely because of an exodus of employees in the last two years who sold their employee stock options (Esops). The company has also pruned its employee base from 975-odd employees to 500 or so, some of these corporate employees had stock options. Interestingly the number of shareholders is more than what restaurant aggregator Zomato had itself before its IPO," said a company official, who is close to the development. Beer production is a capital-intensive industry, with states claiming nearly two-thirds of its revenues. It also has high freight costs, which reduces profitability. As per B9 Beverages' most recent filings with the ministry of corporate affairs, its operating revenue slumped to ₹638.5 crore in FY24 from ₹824.3 crore in FY23. Losses also widened significantly, rising to ₹748.8 crore in FY24 compared to ₹445.4 crore in FY23. The company, which had earlier planned to go public in 2026, has now put it off to 2028. Mint has also learnt that the company has multiple share classes, with equity holders owning only a small portion of the shares as of 16 June, when part of the rights issue closed. Other passive shareholders will also participate and the window will close by the middle of next month. So far, it has already received commitments for about 85% of the right's issue amount and the aggregate number of investors participating so far is over 300, which includes the large family office, which is expected to come for the first time. "It's definitely a big discount from the last time when the Japanese beer maker came in at ₹718 per share. From that, this is a 55% discount, that's why a lot of employees have participated. It's a good price. While my investment could go either way, most investors and myself believe this could go up because it's strengthening its position in many markets again, one of which is Delhi," the official cited earlier added. Shifting focus The company, according to its latest investor relations report accessed by Mint, has now reduced its focus from 25-30 big markets to just the bigger metros and four tier-II cities. Queries sent to Ankur Jain, the company's founder, remained unanswered till press time. Read more: India is the world's fastest-growing alcohol market when global demand cools In FY23, Japan's Kirin Global (the makers of Kirin Ichiban beer) invested $70 million to become the largest shareholder in B9 Beverages. In FY24, Tokyo-based Mitsubishi UFJ Financial Group invested $10 million in the company, which subsequently secured an additional $50 million in external commercial borrowing from Kirin and Tiger Pacific Capital. In February, Mint also reported that B9 was facing troubles with tax authorities in various states with huge pending liabilities not just to states but also to employees who had not been receiving salaries on time. However, a bulk of its employee dues from the last financial year have now been settled, said two company insiders. It has also worked on changing its sales and supply chain models in an attempt to turn the company around. It is now largely focusing on distributing its beer instead of manufacturing it, much like what other brands in the FMCG sector do, easing up its requirements for fixed and working capital. It has now reworked its business model with four breweries to move to contract manufacturing. Just two breweries—in Gwalior and Nagpur—will continue to exclusively produce for them. The beer company, in its investor deck, added that it was streamlining operations to focus on Andhra Pradesh, Delhi, Uttar Pradesh, and Maharashtra—which now account for 55% of its revenue. It said it cut its manufacturing footprint by 40%, reducing capacity from 25 million to 15 million cases to improve utilisation to 58% by FY26 and slash factory overheads by nearly 50%. A shift to contract manufacturing at four breweries will save it as much as ₹600 crore annually, it added. With this, its margins could rise to 66% in FY26 from 63% in FY24. Fixed costs, too, it said, had dropped by ₹2,000 crore versus FY24, driven by a 40% reduction in headcount and tighter control over marketing, with spends now focused on in-store promotions. Read more: India's liquor makers are having a party. And it's not going to end soon According to industry body Brewers Association of India, 400 million beer cases were sold in FY23 and about 430 million in FY25. Three large brands command an 86% share of the overall market, including Kingfisher, Carlsberg and Budweiser maker Ab InBev (in no particular order). According to Bira's investor deck for May 2025, it is the country's fourth-largest beer company with a manufacturing capacity of 2.1 million hectolitres or 25 million cases per annum.
Time of India
22-06-2025
- Health
- Time of India
Expired medicines found discarded near Haveri district Hospital
Pic: Expired medicine disposed by the roadside on Haveri outskirts Haveri: More than 1.5 lakh folic acid tablets worth lakhs of rupees and are past their expiry dates was found discarded along the road leading to Kanakapura village near District Hospital, Haveri, on Saturday. The locals expressed their anger towards the health department, highlighting concerns about the potential harm to animals that might consume these medicines. The locals said govt hospitals are mistreating economically disadvantaged patients. "Many doctors in the govt hospital are giving prescriptions for bringing medicine from private medical shops, saying they are not available in the hospital pharmacy. But now, medicines worth lakhs of rupees were disposed of. An investigation should be conducted and legal actions initiated against the culprits," demanded Abdul Hubballi, a social worker. According to doctors, folic acid tablets prevent and treat low levels of vitamin B9 in the body. This vitamin helps form red blood cells, maintain brain health, prevent anaemia in children and also support a healthy pregnancy. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villa For Sale in Dubai Might Surprise You Villas in Dubai | Search ads Learn More Undo Haveri district drug control officer Sanganna Silli and taluk medical officer Dr Prabhakar Kundur, who visited the site, said they will investigate the origin and circumstances of the disposal, ensuring appropriate action against responsible parties. "We will find out to whom and when they were distributed based on the batch," Kundur said. Dr Rajesh Suragihalli, district health officer, said the medicines were manufactured in 2008 and expired in 2010. He stated there were 16-17 boxes of pills from 3 batches. He instructed taluk health officer and drug controller to collect information and submit a report. The medicines were discovered in a soil mound, suggesting possible transportation from another location. "We are considering filing a police complaint on this," Dr Suragihalli said.
Straits Times
10-06-2025
- Business
- Straits Times
Romanian president could nominate a prime minister this week
Romania's President Nicusor Dan attends a press conference, on the day of the NATO Bucharest Nine (B9) meeting, in Vilnius, Lithuania, June 2, 2025. REUTERS/Ints Kalnins/ File Photo BUCHAREST - Romanian President Nicusor Dan said on Tuesday he could nominate a prime minister this week provided pro-European parties reach an agreement on measures needed to lower the European Union's highest budget deficit and prevent a ratings downgrade. Centrist Dan, who won a divisive presidential vote in May that saw the far right gain ground, must form a ruling majority that has until the end of June to approve deficit cutting measures to avoid a downgrade to below investment grade. The European Commission, ratings agencies and analysts have said Romania cannot reduce its shortfall over seven years to the EU's 3% threshold as agreed without hiking taxes, but Dan and the four pro-European parties have proved reluctant to enforce unpopular measures, focusing instead on cuts to state spending. "There is a hierarchy of priorities, first cutting useless state spending, then merging some institutions, rescheduling some investments to 2026 and lastly possible tax hikes," Dan said during a visit to neighbouring Moldova. "I hope we will reach to the tax side as least as possible." Dan said the parties had identified a list of 60-80 possible measures, but had yet to agree on any. The president, who has a semi-executive role, added that pending the talks he could nominate a PM this week. Two sources told Reuters ratings agencies had told a London panel in May they were ready to downgrade Romania from the last rung of investment grade unless they saw convincing measures including tax hikes. The next rating review is in August. Earlier this month the European Commission opened the possibility of freezing some EU funds for Romania next year. 'SOLID PLAN' NEEDED Brussels, ratings agencies and the IMF have said hikes to value added tax or changes to Romania's flat 10% tax on income would be the most effective. "It needs to be a solid plan, two big measures that everyone can price are better than 50 that nobody can evaluate," one of the London sources said. "How can anyone trust you that you'll do what's needed in the 7-year adjustment plan?" Claudiu Nasui, a lawmaker from the centre-right Save Romania Union, one of four pro-EU parties engaged in talks, is a strong proponent of state spending cuts inspired by Argentinian President Javier Milei. He told Reuters that he had identified 34 billion lei ($7.73 billion) worth of cuts that could be made in the second half of the year without cutting healthcare, education and defence. However, they included cutting state-funded investment schemes that were easier to tap than EU funds with little oversight, a political instrument for mayors that parties were unlikely to approve cutting. "Any measure to cut the deficit will make parties unpopular, spending cuts or tax hikes, you just need political will," Nasui said. "I often look at a street trash bin outside my office, there are always people rummaging in it. Hiking taxes will not hit us, but it will hit those poor people." REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Straits Times
03-06-2025
- General
- Straits Times
Zelenskiy announces military shakeup, commander who resigned given new assignment
Ukraine's President Volodymyr Zelenskiy attends a press conference, on the day of the NATO Bucharest Nine (B9) meeting, in Vilnius, Lithuania, June 2, 2025. REUTERS/Ints Kalnins/File Photo President Volodymyr Zelenskiy announced a shakeup in Ukraine's military on Tuesday, including the appointment to a new post of a commander who tendered his resignation over a deadly Russian attack. Zelenskiy, speaking in his nightly video address, said Major General Mykhailo Drapatyi, who offered to quit as commander of Ukraine's land forces over an attack on a training area, would now serve as the new commander of joint forces. Zelenskiy said another commander, whom he did not identify, would take charge of land forces. He said the appointment had also been approved of Oleh Apostol as commander of paratroops and Robert Brovdi as commander of unmanned systems. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Yahoo
03-06-2025
- General
- Yahoo
Ukraine invited to NATO summit, Zelensky says
Ukraine has been invited to the upcoming NATO summit in The Hague between June 24 and 25, President Volodymyr Zelensky said during a June 2 online press conference attended by the Kyiv Independent. "We were invited to the NATO summit. I think this is important," Zelensky said, adding that he held a meeting with NATO Secretary General Mark Rutte during the Vilnius summit of the Bucharest Nine (B9) and the Nordic countries on June 2. "Now, (Foreign Minister Andrii) Sybiha will be speaking with his colleagues regarding infrastructure and what potential outcomes may arise from this summit in The Hague." Zelensky did not specify who would be representing Ukraine at the summit or whether he would attend the event himself. The statement follows speculations that the allies decided not to invite Ukraine to the annual summit due to opposition from U.S. President Donald Trump's administration. U.S. Secretary of State Marco Rubio later denied the claims, and the Netherlands said it would welcome Zelensky's attendance. At the previous NATO summit in Washington in 2024, Zelensky was a prominent presence, engaging directly with allied leaders. This year, the tone appears more cautious as NATO members weigh how to handle Ukraine's future in the alliance amid renewed questions about U.S. commitment. Trump has claimed that Ukraine provoked the war by pursuing NATO membership, a narrative often used by Russian propaganda to justify its 2022 full-scale invasion. He also signaled plans to reduce U.S. military presence in Europe and has been reluctant to provide new military support to Kyiv. Earlier reporting suggested that this year's communique may omit direct mention of both Russia and Ukraine — a contrast to past summits where Ukraine dominated the agenda. Read also: 'Idiots' — Zelensky slams Russia's proposal for brief truce to retrieve fallen soldiers' bodies We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
