Cupid Limited has informed the Exchange about acquisition of warrants convertible in to equity shares of Baazar Style Retail Limited.
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Cupid Limited, a manufacturer and exporter of condoms, lubricants, and IVD kits, has invested Rs. 82.88 crore (25% of total consideration) to subscribe to 1.01 crore warrants of Baazar Style Retail Limited at Rs. 328.25 per warrant. The remaining 75% will be paid when warrants are converted into equity shares. Baazar Style Retail is a fashion retail company with over 250 stores, incorporated in 2013. The acquisition aims to strengthen Cupid's retail presence and expand its FMCG product portfolio across regional markets, with plans to grow to over 500 stores within 3 years. The transaction is not a related party transaction.
This strategic investment marks Cupid's entry into retail distribution, potentially diversifying revenue streams beyond manufacturing. The ~Rs. 331 crore total investment represents a significant capital deployment that could expand Cupid's consumer reach but introduces exposure to a new business segment outside its core manufacturing expertise.