Columbia Petro Chem Private Limited and Aditya Halwasiya made an offer to acquire 26% stake in Cupid Limited for INR 1.13 billion on September 8, 2023. Under the terms, INR 325 per share shall be paid as consideration. The transaction shall be financed from internal resources/networth and no borrowings from any Bank/Financial Institution or NRIs. The committee of Independent Directors of Cupid Limited is required to provide their recommendations on the offer. The offer will commence on December 12, 2023 and close on December 26, 2023. Monarch Networth Capital Limited (BSE:511551) acted financial advisor to Columbia Petro Chem Pvt. Ltd. Bigshare Services Pvt. Ltd. acted as registrar to Cupid Limited. ICICI Bank Limited acted as Escrow Agent to Columbia Petro and Aditya Halwasiya on the transaction.

Columbia Petro Chem Private Limited and Aditya Halwasiya completed the acquisition of an additional 0.002% stake in Cupid Limited of INR 0.19 million on December 26, 2023.