Universal Halwasiya Group Completes Rs1.13 Bn Open Offer of Cupid

This achievement reaffirms our commitment to excellence and innovation, inspiring us to set even higher benchmarks: Aditya Halwasiya

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.


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:


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.

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