Cupid Shares Hits 52W-High After US-Based FII Buys Stake Worth Rs 8.94 Cr

On Thursday, the shares of Cupid opened on the BSE at a fresh 52-week-high of 1,250 apiece gaining 5% from the previous close of Rs 1192.20. The rally in the stock price was witnessed after a US-based fund bought a stake in the FMCG company.

As per bulk deal data available on NSE, US-based FII Minerva Ventures Fund acquired 75000 shares in Cupid Ltd. At an average price of Rs. 1193.15. 75,000 shares were bought by US-based FII Minerva Ventures Fund at an average price of Rs 1,193.15 at a cost of Rs 8.94 crore worth of FMCG shares.

Aditya Halwasiya and Columbia Petro Chem Private Limited successfully completed an open offer last week to buy up to 3.47 million equity shares, or 26% stake in Cupid Limited, for Rs 325 a share, for a total of Rs 113 crore. Public shareholders tendered just 367 shares in response to an Open Offer which comprised up to 34,67,880 fully paid-up equity shares.

Following their acquisition of 5.58 million shares, or 41.84 per cent of Cupid Limited's issued and paid-up capital, at Rs. 285 per equity share, or Rs. 159.06 crores, from the company's outgoing promoters, Mr. Omprakash Garg and Mrs. Veena Garg, the Universal-Halwasiya Group and Family followed the open offer through Columbia Petro Chem Private Limited and Mr. Aditya Halwasiya. In accordance with all applicable SEBI standards, the Acquirers of Cupid Limited have successfully completed the Open Offer. Tuesday, December 12, 2023 saw the opening of the issue, which successfully ended on Tuesday, December 26, 2023. The manager of the open offer was Monarch Networth Capital Limited.

"Completing this open offer marks a pivotal moment for our group. It's a testament to our team's relentless dedication and strategic vision. We're grateful for the trust shown by our stakeholders and excited for the opportunities this success brings. This achievement reaffirms our commitment to excellence and innovation, inspiring us to set even higher benchmarks.

We extend our heartfelt gratitude to everyone who contributed to this milestone and look forward to continued growth and collaboration in our journey ahead." said Mr. Aditya Halwasiya.

The leading producer of water-based lubricant jelly, IVD kits, and male and female condoms in India is CUPID Limited, which was founded in 1993. The firm claims to be able to produce up to 480 million condoms for men, 52 million for women, and 210 million sachets of lubricant jelly every year. Currently, CUPID sells its products to more than 105 nations, and over 90% of its revenue comes from these exports. Additionally, the firm recorded Rs 164.10 crore in total sales, Rs 46.08 crore in EBITDA, and Rs 31.58 crore in net profit for FY23.