CUPID RINGS IN A NEW MANAGEMENT, OUTGOING PROMOTERS RECEIVED RS 159 CRORES

MUMBAI, India, Oct. 24, 2023 /PRNewswire/ -- The Board of Directors of Cupid Ltd., one of India's leading manufacturers of quality male and female condoms, has appointed TV Rao, Rajni Mishra, and R.S. Loona as Independent Directors of the Company after taking over from outgoing promoters, Mr. Omprakash Garg and Mrs. Veena Garg.

Last Month, Columbia Petro Chem Private Limited and Mr. Aditya Kumar Halwasiya of the Universal-Halwasiya Group and Family, made a Rs 113-crore open offer to acquire up to 3.47 million equity shares or a 26 per cent stake of Cupid Limited after the Universal-Halwasiya Group and Family, through Columbia Petro Chem Private Limited, and Mr. Aditya Halwasiya entered into a definitive agreement to acquire 5.58 million shares or 41.84 per cent of Cupid Limited at Rs 285 per equity share, aggregating to Rs 159.06 crore.

Considering the completion of the transaction, Mr. Aditya Halwasiya will be reclassified as a promoter, and the board rejig comprises of Kuldeep Halwasiya as Chairman; Aditya Kumar Halwasiya as Managing Director; and T V Rao, Rajni Mishra and R.S. Loona as Independent Directors.

Welcoming TV Rao, Rajni Mishra, R.S. Loona to the Board of Cupid, Mr. Aditya Halwasiya said, "We are delighted to welcome our three distinguished independent directors to the Cupid Ltd. family. Their wealth of expertise and diverse perspectives will undoubtedly enrich our board and help us navigate the dynamic business landscape with even greater insight and innovation. We look forward to working closely with them and are confident that their contributions will play a pivotal role in shaping the future success of our company. Together, we will continue to drive Cupid Ltd. to new heights of excellence and growth."

Additionally, he said, "Cupid is a market leader in India when it comes to female condoms and is growing in the male condoms, personal lubricant jelly and IVD Test Kits segments. The purpose of the Cupid acquisition was keeping in mind the Universal-Halwasiya group's focus on the evolving health sector supported by the prospects of sexual health and family planning globally, notable and organic growth potential of the segment, Condoms being a high gross margin product and a strong export order pipeline of the company. As the segment and business grows we will plan for capacity expansion at Cupid Ltd. with a strategic and long term view."

Mr. R. S. Loona is a leading Corporate Lawyer with a specialization in the securities market, banking and finance, infrastructure projects, real estate and regulatory advice. A Science graduate having done his Bachelors in Law, Mr. Loona is the Managing Partner of Alliance Corporate Lawyers, Mumbai. He has also served as Executive Director (Law) of SEBI.

Mrs. Rajni Mishra holds a Master's Degree in Commerce (Gold Medalist) from M S University, Vadodara. She has been a career banker for nearly four decades, with State Bank of India as well as its Associate Banks where she has handled varied assignments and diverse portfolios.

Mr. T V Rao has over 40 years of experience in the Banking, Foreign Trade and Housing Finance sectors. Mr. Rao is a graduate in commerce from Sri Venkateswara University, Tirupathi and an associate member of the Indian Institute Of Bankers. He is a Director of the Export Import Bank Of India.

Shares of Cupid Ltd. gained 5.09% to close at Rs 520.35 per share on Friday on the BSE, while the benchmark index, Sensex lost 0.35% to close at 65,397.62 points. The shares gained 5.23% to close at Rs 521.20 per share on NSE.

ABOUT CUPID LIMITED:

Established in 1993, CUPID Limited is India's leading manufacturer of male and female condoms, water based lubricant jelly and IVD kits. The Company has presence in the international and domestic market and is the 1st Company in the world to get WHO/UNFPA pre-qualification for both male and female condoms. With a staff strength of over 140 people and three decades of experience, the Company has supplied its products to over 105 countries and derives over 90% of revenues from international markets. The Company has a long-term agreement with WHO/UNFPA.