Cupid Ltd’s shares were up by 3.11 per cent after the company reported that Universal-Halwasiya Group, in conjunction with Columbia Petro Chem Pvt Ltd, had finalised the acquisition of a 41.84 per cent stake in Cupid Ltd.
This acquisition includes both equity capital and voting rights from the existing promoters, Omprakash Garg and Veena Garg. Management control of Cupid Ltd will also be transferred, pending regulatory approvals.
Universal-Halwasiya Group and family have issued an open offer to acquire an additional 26 per cent of the outstanding equity shares from public shareholders. Monarch Networth Capital Ltd has been appointed manager to oversee the offer process.
The shares were up by 3.11 per cent at Rs 407.30 at 9.30 am on the BSE.