Cupid Limited has announced a strategic investment in Baazar Style Retail Limited by subscribing to 1,01,00,000 warrants, convertible into equity shares, at a payment of 25% amounting to ₹82,88,31,250. This investment is part of Cupid's ongoing efforts to bolster its retail presence and expand consumer reach.
Baazar Style Retail Limited, a speciality retail company, boasts an authorised share capital of ₹50 crore, divided into 10 crore equity shares of ₹5 each, and a paid-up share capital of ₹37.31 crore. The company reported a consolidated turnover of ₹1,34,371.29 lakh for the fiscal year ending 31st March 2025, with a profit after tax of ₹1,466.29 lakh and a net worth of ₹40,372 lakh.
This acquisition does not fall under related party transactions as Cupid's promoters or promoter group do not have any interest in Baazar Style Retail. The investment is expected to leverage Baazar Style's established network of over 250 stores, providing a robust platform for Cupid to scale its FMCG product portfolio across key regional markets. The store network is anticipated to expand to over 500 locations within the next three years, enhancing the availability and visibility of Cupid's products.
The acquisition does not require any governmental or regulatory approvals. The warrants will be converted into equity shares in accordance with the SEBI (ICDR) Regulations, 2018. Cupid has paid the initial 25% cash consideration for the allotment of warrants, with the remaining 75% to be paid upon exercising the conversion rights.
Baazar Style Retail Limited, incorporated on 3rd June 2013, is engaged in the fashion retail business in India. Over the past three years, the company has seen significant growth, with consolidated revenues from operations increasing from ₹78,790.27 lakh in 2022-23 to ₹1,34,371.29 lakh in 2024-25.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).