8 months ago
Cupid to Invest ₹331 Crore in Baazar Style Retail
Cupid Ltd., a company that makes personal care products, is going to invest ₹331.53 crore in Baazar Style Retail, a retail chain operator.
They will do this by buying special tickets called warrants, which can later be turned into shares of Baazar Style Retail.
These warrants are being sold at a small discount, and Cupid will own about 12% of Baazar Style Retail after the deal is done.
If Cupid doesn't turn the warrants into shares within 18 months, they will lose a quarter of their money.
Baazar Style Retail's shares have been going up, but they are still below the price they were sold for when the company first started selling shares to the public.
Cupid Ltd. to invest ₹331.53 crore in Baazar Style Retail through subscription of 1,01,00,000 convertible warrants.
Warrants issued at ₹328.25 each, a 2% discount to Baazar Style Retail's closing price on Tuesday.
Warrants convertible into equity shares within 18 months; unexercised warrants will lapse with 25% forfeiture.
Post-conversion, Cupid will own 11.92% stake in Baazar Style Retail.
Baazar Style Retail's shares ended 2.2% higher on Tuesday at ₹334.9, but remain below IPO price of ₹389.
- Who
- Cupid Ltd. and Baazar Style Retail Ltd.
- What
- Investment of ₹331.53 crore through subscription of convertible warrants
- Where
- India
- When
- Warrants to be converted within 18 months
- Why
- To raise funds for Baazar Style Retail
Key facts
- Investment Amount
- ₹331.53 crore
- Warrants Issued
- 1,01,00,000
- Warrant Price
- ₹328.25 per warrant
- Discount
- 2% on closing price
- Conversion Period
- 18 months
- Stake Post-Conversion
- 11.92%
- Cupid's Business
- Manufacturing and supply of sexual health and personal care products
- Baazar Style Retail Closing Price
- ₹334.9 (Tuesday)
- Baazar Style Retail IPO Price
- ₹389 per share
