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Universal-Halwasiya Group makes Rs. 113 crore open offer to acquire 26% in condom maker Cupid

Our Bureau, Mumbai
Wednesday, September 13, 2023, 11:30 Hrs  [IST]

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 Nashik-based Cupid Limited at Rs. 325 apiece.

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 first company in the world to get WHO/UNFPA pre-qualification for both male and female condoms.

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.


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