Mumbai (Maharashtra) [India], September 13: 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 Mr. 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 promoter/promoter group, Mr. Omprakash Garg and Mrs. Veena Garg.
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. This decision is in line with our commitment to enhance shareholder value and expand our horizons. We believe that our partnership with the Universal-Halwasiya Group holds great promise and will pave the way for exciting developments in the future," said Omprakash Garg, Promoter, Cupid Limited.
"We are thrilled to announce this open offer, marking a new chapter in our journey. Our commitment to our stakeholders remains unwavering, ensuring transparency and value at every step. This initiative embodies our relentless pursuit of growth and excellence, catering to our esteemed investors and partners. As we move forward, we embrace the opportunities that lie ahead, driven by innovation and collaboration between Cupid Ltd and the Universal-Halwasiya Group. Together, we'll shape a brighter future and create lasting value," said Mr. Aditya Halwasiya, Promoter, Universal-Halwasiya Group.
ABOUT UNIVERSAL-HALWASIYA GROUP:
Established in the 1960s, Universal Petro-Chemicals Limited is the flagship of the Universal-Halwasiya Group, a conglomerate with a rich history spanning six decades. Under the visionary leadership of its late founder, Mr. Madan Mohan Halwasiya, this group has witnessed remarkable growth and diversification across various products, including Transformer Oils, White Oils, Liquid Paraffins, Automotive Lubricants, Industrial Lubricants and Speciality Oils since the incorporation of Columbia Petro Chem Private Limited in the year 1987 spear-headed by Mr. Kuldeep Halwasiya. Presently, the group has diversified interests that encompass manufacturing of lubricants and petroleum products as well as real estate projects in both domestic and international landscapes.
ABOUT CUPID LIMITED:
Established in 1993, CUPID Limited is India's leading manufacturer of male and female condoms, water based lubricant jelly and IVD kits. The Company has presence in the international and domestic market and is the 1st Company in the world to get WHO/UNFPA pre-qualification for both male and female condoms. With a staff strength of over 140 people and three decades of experience, the Company has supplied its products to over 105 countries and derives over 90% of revenues from international markets. The Company 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.
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