Universal-Halwasiya Group and Family through Columbia Petro Chem has entered in definitive agreement to buy 41.84% stake in Cupid from existing promoterpromoter group namely Omprakash Garg and Veena Garg. In compliance with regulations, Universal-Halwasiya Group and Family has made an open offer to acquire additional 26% of the outstanding equity shares of the Cupid from the public shareholders.The open offer is for 34,67,880 equity shares from the public shareholders of Cupid. This represents 26% of the expanded voting share capital. The offer price is Rs 325 per share, totaling Rs 112.71 crore assuming all shares are accepted. The open offer price is at 22% discount to the ruling market price. The Universal-Halwasiya Group aims to leverage Cupids assets and workforce to establish a dominant market position, benefiting customers, employees, and shareholders while enhancing future prospects.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, said Omprakash Garg.“We at the Universal-Halwasiya Group are proud to be able to carry Omprakash Garg Jis vision forward and help Cupid Limited thrive as it continues on its journey. Garg Ji is a true visionary who has built this fantastic company. I believe that the Indian consumption growth story is playing out before our eyes, and the next decade belongs to BHARAT. Cupid fits in perfectly into this Bharat growth story with its innovative line of products to cater to our relatively young population, which is getting more conscious and vocal about their sexual health, safety, and wellness, said Aditya Halwasiya.Columbia Petro Chem, a part of the Universal-Halwasiya Group founded by Madan Mohan Halwasiya, is a leading manufacturer and exporter of oils and petroleum products. With a history spanning over 35 years, Columbia Petro Chem has established itself as a trusted provider of whitemineral oils, paraffin oils, transformer oils, and petroleum jellies. Cupid is one of the leading manufacturer & supplier of male condoms, female condoms, lubricant jelly and in vitro diagnostic test kits.Net profit of Cupid declined 53.35% to Rs 2.16 crore while net sales rose 9.28% to Rs 33.68 crore in Q1 June 2023 over Q1 June 2022.
The announcement was made post market hours on Tuesday.UNFPA stands for United Nations Population Fund. The organisation is the United Nations sexual and reproductive health agency.The consideration for the order is Rs 5.21 crore and is to be executed by June 2023.Omprakash Garg, CMD of Cupid said, “We are excited to receive this valuable repeat order.”Cupid makes rubber contraceptives and allied prophylactic products.The companys net profit declined 75.2% to Rs 2.36 crore on 22.5% decrease in net sales to Rs 36.22 crore in Q2 FY23 over Q2 FY22.