Anicut Capital takes over Bira founder Ankur Jain's stake, to lead restructuring

New Delhi: Anicut Capital, amongst the country's largest venture debt financiers, has taken over the shares of B9 Beverages founder Ankur Jain and is set to nominate three members to the board of the troubled company which markets the Bira 91 brand of beer, sources in the know said.

The venture debt provider, which has offices in Chennai, Delhi and Bengaluru, will also be leading the company's restructuring efforts, they said. It provided loans to B9 Beverages between 2017 and 2022.

Against those loans it had created a lien on founder Ankur Jain and his family's 17.8% stake in B9 Beverages. Jain and his family also have voting rights of 26% against their shareholding.

Anicut Capital's co-founder IAS Balamurugan, a former corporate banker with ICICI Bank, will be amongst the three nominees the fund will appoint to Bira's board, said the people cited earlier.

ET had reported on July 22 that Jain was stepping down from the company and would be giving up all executive powers and board positions.

The company has been saddled with debt and liabilities of ₹1,000 crore that became a bone of contention between its various shareholders, lenders and the founder.

The shareholders include Peak XV Partners, Sofina and Japanese alcohol major Kirin Holdings, apart from individuals and family offices. Hero Corporate Services' family office is one the major lenders of the company along with Anicut Capital.