This achievement reaffirms our commitment to excellence and innovation, inspiring us to set even higher benchmarks: Aditya Halwasiya
FinTech BizNews Service
Mumbai, December 26, 2023: : Columbia Petro Chem Private Limited (“Acquirer 1”)
and Aditya Halwasiya (“Acquirer 2”), (collectively referred to as “Acquirers”) have
successfully completed Rs 113-crore open offer to acquire up to 3.47 million equity
shares or 26 per cent stake of Cupid Limited at ?325 per share.
Only 367 shares were tendered by public shareholders against an Open Offer for up
to 34,67,880 fully paid up equity shares.
The open offer was followed by Universal-Halwasiya Group and Family through
Columbia Petro Chem Private Limited and Mr. Aditya Halwasiya, after acquiring 5.58
million shares constituting 41.84 per cent of issued and paid up capital of Cupid
Limited at Rs. 285 per equity share aggregating to Rs. 159.06 crore from its outgoing
promoter / promoter group, Mr. Omprakash Garg and Mrs. Veena Garg.
The Acquirers of Cupid Limited have successfully completed its Open Offer as per all
relevant SEBI guidelines. The Issue opened on Tuesday, December 12, 2023 and
successfully closed on Tuesday, December 26, 2023.
Monarch Networth Capital Limited was the Manager to the open offer.
“Completing this open offer marks a pivotal moment for our group. It's a testament to
our team's relentless dedication and strategic vision. We're grateful for the trust
shown by our stakeholders and excited for the opportunities this success brings. This
achievement reaffirms our commitment to excellence and innovation, inspiring us to
set even higher benchmarks. We extend our heartfelt gratitude to everyone who
contributed to this milestone and look forward to continued growth and collaboration
in our journey ahead." said Mr. Aditya Halwasiya.
ABOUT CUPID LIMITED:
Established in 1993, CUPID Limited is India's premier manufacturer of male and
female condoms, water based lubricant jelly, and IVD kits. The company boasts a
production capacity of up to 480 million male condoms, 52 million female condoms,
and 210 million sachets of lubricant jelly annually. The company has a prominent
presence in the international market and holds the distinction of being the first
company in the world to attain WHO/UNFPA pre-qualification for male and female
condoms. CUPID currently exports its products to over 105 countries, with over 90%
of its revenue generated from international markets. Furthermore, CUPID has
established a long-term agreement with WHO/UNFPA. In FY23, The Company
reported a Total Revenue of ?164.10 crore, EBITDA of ? 46.08 crore, and Profit After
Tax of ? 31.58 crore. The company is listed on BSE (BSE: 530843) and NSE (NSE:
CUPID).
Shares of Cupid Ltd gained 5.00% to close at Rs. 969 per share on Tuesday on the
BSE, while the benchmark index, Sensex gained 0.32% to close at 71,336.80 points.
The shares gained 5.00% to close at Rs. 967.90 per share on NSE.
