For Kirin, the Bira story isn't over yet. Next up, a recast of B9

“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," a spokesperson for Kirin said in an emailed response to Mint.

The company clarified that it has no plans to exit its investment in the company nor has there been any decision to sell its shares.

Broadly, the company plans to restructure its management, governance, and business strategy to help B9 overcome its current financial crisis and scale the Bira91 brand.

The Kirin Group is also pursuing overseas expansion in its alcoholic beverages business, and discussions on the business portfolio are not directly related to this matter, the spokesperson added.

Kirin has interests in the alcoholic drinks, beverages and pharmaceuticals sectors.

To be sure, institutional investors hold the largest stake in B9 Beverages, at 28.6% stake, led by Peak XV (formerly Sequoia India), alongside Sofina, Sixth Sense, MUFG Bank, Tiger Pacific, Mayfield, and GHIQF Mauritius.

Kirin Holdings holds 20.3% shares in B9 Beverages.

Bira last raised $25 million via external commercial borrowings from Kirin Holdings in June 2024.

In October, Mint reported that several major institutional shareholders of B9 Beverages were considering removing chief executive officer (CEO) and founder Ankur Jain over concerns about his handling of the financially distressed company.

Investors are also willing to put additional funds into the company, on the condition that Jain steps down.

Investors and lenders are also gearing to send a request for an extraordinary general meeting to Jain, said a person directly aware of developments at the company.

“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," said a lender to the company, speaking to Mint on the condition of anonymity.

To be sure, shareholders can requisition an extraordinary general meeting by submitting a request backed by members holding at least 10% of the voting power or paid-up share capital with voting rights. Once such a valid requisition is received, the Board is obligated to call the EGM.

Once the requisition is received, the board has 21 says to call the EGM; the meeting must be held within 45 days.

Ankur Jain did not respond to Mint’s request for a comments via emails, calls and texts, till the time of publishing.

The development comes less than a month after Kirin alongside Anicut Capital—the largest lender to B9 Beverages, took control of Bira 91's The Beer Cafe, formerly a subsidiary of B9.

The acquisition was made by claiming shares pledged by B9, according to filings with the Registrar of Companies.

However, B9 Beverages has challenged Anicut Capital's actions in the Delhi High Court, sparking a legal battle in the domestic craft beer industry.

B9 is facing a major crisis as the company struggles with declining revenues, delayed salary payments and employee unrest.

Its brand presence has also shrunk, with the product now available in only a few markets.

More recently, lenders and investors—including Anicut Capital and Hero Enterprises’ Sunil Munjal—have invoked shares in the company and related entities of B9 Beverages, per news reports. This has led to a reduction in Jain’s shareholding. The promoters—including Ankur Jain and his family—collectively held 17.8% of the total holding; this has now reduced. Mint could not independtly confirm Jain's current shareholding.

In September investors and lenders—including Peak XV (formerly Sequoia India), Sofina, Sixth Sense Ventures, Anicut Capital and Japan’s Kirin Holdings reviewed the company’s situation during a virtual meeting where most stakeholders indicated they would infuse fresh capital in the company only if Jain stepped down.

Meanwhile, several employees have filed a petition to the board and investors regarding delayed salaries and governance issues.

The beverage maker also underwent a restructuring exercise by focusing on fewer states, reducing fixed costs and focusing on gross margins over the last year.