Shares of Cupid Ltd hit a 52-week high of Rs 430.80 on 11 September after the company reported that Universal-Halwasiya Group, through Columbia Petro Chem Pvt Ltd and Aditya Halwasiya, geared up to acquire a 41.84% stake in the company.

Universal-Halwasiya Group has agreed to buy a 41.85% stake in the company with both equity capital and voting rights from its existing promoters, Omprakash Garg and Veena Garg, and the Management control of the company will also be given to them.

As of June 2023, Omprakash and Veena Garg hold a 44.84% stake in the company out of the 45.06% promoter holding.

The acquisition is subjected to regulatory compliance and approval.

Universal-Halwasiya Group and family have also made an open offer to buy out an additional 26% of the outstanding equity share of Cupid Ltd from the public.

Omprakash Garg Said, “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,”

At 3:30 pm, the shares of Cupid Ltd closed at Rs 430 or 8.30% above its previous close on NSE.