Cupid Limited, one of the leading Manufacturer & Supplier of Male Condoms, Female Condoms, Lubricant Jelly and In Vitro Diagnostic Test Kits has been acquired by Universal-Halwasiya Group and Family through Columbia Petro Chem Private Limited and Mr. Aditya Halwasiya, a promoter of Universal Petro Chemicals Limited.
The Universal-Halwasiya Group and Family have entered in definitive Agreement to be bought 41.84% Equity Capital/Voting right from the promoter/Promoter Group of Cupid Limited, namely Mr. Omprakash Garg and Mrs. Veena Garg and the Management Control of the Cupid Limited, subject to regulatory compliances and approval.
As per SEBI Regulation, Universal-Halwasiya Group and Family has made an open offer to acquire additional 26% of the outstanding equity shares of the Cupid Limited from the public shareholders.
Universal-Halwasiya Group and Family has appointed Monarch Networth Capital Limited, as the Manager to the offer.
"I had a wonderful journey during my time at Cupid. There is the satisfaction of handing on the business that I started and developed over many years of hard work and persistence to businesspeople who will now take it to the next stage of prosperity. Since Cupid Limited will be in the capable hands of the Universal-Halwasiya Group and Family, I am very optimistic about its future". said Mr. Omprakash Garg.
"We at the Universal-Halwasiya Group are proud to be able to carry Mr. Omprakash Garg Ji's vision forward and help Cupid Limited thrive as it continues on its journey. Garg Ji is a true visionary who has built this fantastic company. I believe that the Indian consumption growth story is playing out before our eyes, and the next decade belongs to BHARAT. Cupid fits in perfectly into this Bharat growth story with its innovative line of products to cater to our relatively young population, which is getting more conscious and vocal about their sexual health, safety, and wellness". said Mr. Aditya Halwasiya.
Universal-Halwasiya Group and Family recognizes the immense potential in Cupid Limited's assets and workforce. By acquiring a controlling stake, they aim to elevate Cupid to a market-leading position. This strategic move is poised to benefit Cupid Limited's customers, employees, and shareholders alike, fostering a stronger industry presence and enhanced prospects for Cupid's future endeavors.
Shares of Cupid Limited was last trading in BSE at Rs. 394.95 as compared to the previous close of Rs. 384.15. The total number of shares traded during the day was 15988 in over 592 trades.
The stock hit an intraday high of Rs. 398.95 and intraday low of 378.00. The net turnover during the day was Rs. 6191257.00.