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Universal-Halwasiya Group to Make Rs 113-crore Open Offer to Acquire 26 Per Cent in Cupid Limited

In Business
September 13, 2023

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 promoter/promoter group, Omprakash Garg and 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.

“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 Aditya Halwasiya.