Universal-Halwasiya Group to acquire 42% stake in Cupid Limited

Universal-Halwasiya Group and Family will acquire a significant 41.84% stake in Cupid Limited, a leading manufacturer and supplier of male and female condoms, lubricant jelly, and in vitro diagnostic test kits. The acquisition involved buying equity capital and voting rights from the promoters and management of Cupid Limited, pending regulatory approval.

Acquisition Subject to Regulatory Compliance and Approval

Universal-Halwasiya Group and Family have entered a definitive agreement to acquire the stake from Cupid Limited’s promoters, Omprakash Garg and Veena Garg. The agreement is subject to compliance with regulatory requirements and obtaining necessary approvals.

Open Offer to Public Shareholders for Additional Stake

As mandated by SEBI regulations, Universal-Halwasiya Group has made an open offer to acquire an additional 26% of the outstanding equity shares from the public shareholders of Cupid Limited. Monarch Networth Capital Limited has been appointed as the Manager to the offer.

Omprakash Garg Optimistic About the Future Under 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,” said Omprakash Garg.

Aditya Halwasiya Comments on the Synergy and Future Prospects

Aditya Halwasiya said, “We at the Universal-Halwasiya Group are proud to be able to carry Mr. Omprakash Garg Ji’s 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.”

Strategic Intentions for Market Leadership and Growth

The Universal-Halwasiya Group aims to leverage Cupid Limited’s strong product portfolio to attain market leadership. The acquisition is a strategic move that is expected to benefit Cupid’s stakeholders, including its customers, employees, and shareholders.