Cupid share price falls as Universal-Halwasiya Group gears up to acquire stake
The share price of condom manufacturer and supplier Cupid fell 2.63% to Rs 384.55 in early trade on September 11, after hitting a fresh 52-week high of Rs 418.40 earlier in the day.
The decline came as the Universal-Halwasiya Group and Family through Columbia Petro Chem Private Limited and Aditya Halwasiya, a promoter of Universal Petro Chemicals Limited, announced plans to acquire a significant stake in the company.
The Universal-Halwasiya Group and Family have entered into a definitive agreement to acquire 41.84% equity capital/voting right from the promoter/promoter group of Cupid Limited, namely Omprakash Garg and Veena Garg, and the management control, subject to regulatory compliance and approval.
As per the June 2023 shareholding pattern, Omprakash and Veena Garg were holding 44.84% stake in the company out of the 45.06% promoter holding.
Universal-Halwasiya Group and Family has made an open offer to acquire an additional 26% of the outstanding equity shares of the Cupid Limited from the public.
Universal-Halwasiya Group and Family has appointed Monarch Networth Capital Limited as the manager to the offer.
Omp Prakash Garg, the current promoter of Cupid, said that he is very optimistic about the company’s future under the new ownership.
“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,” he said.
The acquisition is likely to be completed by the end of this year.
Related News
- 22 Sep
NBCC shares trade higher on Rs 100 crore work order from SAIL
NBCC shares were trading 3 percent higher on September 22 after the company announced having bagged a work order worth Rs 100 crore from SAIL. This is the fourth order-win announced by the company in this month, the total value of the same being Rs 450 crore. NBCC is a public sector undertaking engaged in the business of construction and real estate development. The company specializes in providing project management, consultancy and engineering services for civil construction, infrastructure development, and real estate projects.
- 22 Sep
Glenmark Pharma stock falls on stake sale in Glenmark Life Sciences
Glenmark Pharma stock fell after the company announced it would sell a 75% stake in its subsidiary Glenmark Life Sciences to Nirma. Analysts expect the stake sale to benefit Glenmark Pharma, as it will transition from a net debt position to a cash surplus position. This is expected to have a positive impact on the company's return ratios over the next two to three years.
- 22 Sep
Berger Paints Shares Hit 52-Week High After Turning Ex-Bonus
Berger Paints shares surged 6% to hit a 52-week high after turning ex-bonus on the record date for the issue of bonus shares in the ratio 1:5. The company posted a net profit of Rs 326.3 crore in the April-June quarter of FY24, up 39% year-on-year, on revenue of Rs 2,739.7 crore, up 10% year-on-year. The company expects to get net cash positive by the end of this fiscal year and expects to end the year with double-digit revenue growth on strong demand outlook.
- 22 Sep
Market Update for September 22, 2023
IdeaForge Tech up 3.4% on order RVNL up 3% on highway MoU JSW Steel up 0.4% on sale ICICI Lombard down 1.6% on CEO exit ICICI Bank down 1% on healthcare investment NHPC up 1.3% on extended additional charge Kalyani Forge up 3.2% on new MD IRB Infra up 2.5% on road project closure
- 22 Sep
Lux Industries Shares Down 3% After Income Tax Raid
Lux Industries shares fell 3% on September 22 after news emerged that the Income Tax department had conducted searches at the company's premises in Kolkata and alleged a tax evasion of Rs 200 crore. The company has confirmed the searches and is extending full support.
Leave a Reply