Makes Rs 113-Crore Open Offer For 26% Stake
CUPID is India’s leading manufacturer of male and female condoms, water based lubricant jelly and IVD kit
MUMBAI, Sep 12 (The CONNECT) – Columbia Petro Chem Private Limited and Aditya Halwasiya, have made a Rs 113-crore open offer to acquire up to 3.47 million equity shares or 26 per cent stake of Cupid Limited shares at ₹325 apiece.
The open offer follows Universal-Halwasiya Group and Family through Columbia Petro Chem Private Limited and Aditya Halwasiya, entering into a definitive agreement to acquire 5.58 million shares or 41.84 per cent of Cupid Limited at Rs 285 per equity share aggregating to Rs 159.06 crore from its existing promoters Omprakash Garg and Veena Garg.
Universal-Halwasiya Group has witnessed remarkable growth and diversification across various sectors, including transformer oils, white oils, liquid paraffins, automotive lubricants, industrial lubricants and speciality oils. It manufactures and has a filling line capacity of over 35,000KL of automotive and industrial lubes.
The transaction is subject to shareholder and other customary closing conditions and approvals.
As per SEBI regulations, the offer price will be paid in cash by the acquirers. Universal-Halwasiya Group and Family have appointed Monarch Networth Capital Limited, as the Manager of the offer.
“As Cupid Ltd, we view this open offer from the Universal-Halwasiya Group & Family as an opportunity to strengthen our strategic alliances and unlock new avenues for growth,” said Omprakash Garg.
Aditya Halwasiya said “we embrace the opportunities that lie ahead, driven by innovation and collaboration between Cupid Ltd and the Universal-Halwasiya Group”.
Established in 1993, CUPID Limited is India’s leading manufacturer of male and female condoms, water based lubricant jelly and IVD kits. The Company currently supplies to over 105 countries and derives over 90% of revenues from international markets. It has a long-term agreement with WHO/UNFPA.
Shares of Cupid Ltd gained 7.98% to close at Rs 426.45 per share on Monday on the BSE, while the benchmark index, Sensex gained 0.79% to close at 67,127.08 points. The shares gained 7.62% to close at Rs 427.30 per share on NSE.
