Universal-Halwasiya Group to make Rs 113-crore open offer to acquire 26% in condom maker Cupid
Columbia Petro Chem, part of Universal-Halwasiya Group and its promoter Aditya Halwasiya, on Tuesday said they have made Rs 113-crore open offer to acquire up to 3.47 million equity shares or 26% stake of Nashik based condom maker Cupid shares at ₹325 apiece.
The open offer follows Universal-Halwasiya Group and Family through Columbia Petro Chem Private Limited and 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 crore from its existing promoters, 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.
Cupid is India’s leading manufacturer of male and female condoms, water based lubricant jelly and (invitro diagnostic (IVD) kits.
With a staff strength of over 140 people, the company has supplied 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 dropped 7.87% on BSE to close at Rs 392.90 on BSE on Tuesday, while the benchmark Sensex rose 0.14% to end at 67,221.13 points.
«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,” Garg said.
»We are thrilled to announce this open offer, marking a new chapter in our journey. Our
