After hitting a fresh 52-week high of Rs 418.40 in early trade on September 11, the share price of condom manufacturer and supplier Cupid came under pressure as Universal-Halwasiya Group and Family through Columbia Petro Chem Private Limited and Aditya Halwasiya, a promoter of Universal Petro Chemicals Limited, gear up to acquire a significant stake in the company.
At 10:19am, Cupid was quoting Rs 384.55, down Rs 10.40, or 2.63 percent, on the BSE.
The Universal-Halwasiya Group and Family have entered in a definitive agreement to be bought 41.84 percent equity capital/voting right from the promoter/promoter group of Cupid Limited, namely Omprakash Garg and Veena Garg and the management control, subject to regulatory compliance and approval.
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As per the June 2023 shareholding pattern, Omprakash and Veena Garg were holding 44.84 percent stake in the company out of the 45.06 percent promoter holding.
Universal-Halwasiya Group and Family has made an open offer to acquire an additional 26 percent of the outstanding equity shares of the Cupid Limited from the public.
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,” Omprakash Garg said.
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