Cupid Limited approved the conversion of up to 30,00,000 warrants held in Baazar Style Retail Limited into equity shares. The move, disclosed on September 26, 2026, involves a cash consideration of approximately ₹73.86 crore to deepen the FMCG major's strategic retail footprint.

The Board of Directors authorized this conversion during its meeting on September 26, 2026. This action follows an earlier approval from January 21, 2026, which sanctioned investment in 1,01,00,000 warrants at a predetermined price of ₹328.25 per warrant. Of these, 15,00,000 warrants were previously converted into equity shares on May 15, 2026, leaving 86,00,000 warrants outstanding.

Strategic rationale and target profile

Cupid stated that the strategic investment aims to strengthen its retail presence and expand consumer reach. The company highlighted that Style Baazar’s established network of over 283 stores provides a platform to scale Cupid's FMCG product portfolio across key regional markets. The filing noted plans for the store network to expand to over 500 locations within the next three years, positioning Cupid's products as integral to that growth trajectory.

Baazar Style Retail Limited, incorporated on June 3, 2013, operates in the specialty retail sector. The disclosure confirmed that the acquisition does not fall under related party transactions, and neither the promoter nor promoter group holds any interest in the entity being acquired.

Financial metrics of target entity

The following table details the consolidated financial performance of Baazar Style Retail Limited for the last three fiscal years, as disclosed in the regulatory filing:

As of March 31, 2026, Baazar Style reported a consolidated turnover of ₹1,84,086.90 lacs, a Profit After Tax (PAT) of ₹4,686.78 lacs, and a net worth of ₹45,017.39 lacs. The authorized share capital stood at ₹50,00,00,000, while the paid-up share capital was ₹37,30,86,765 divided into 7,46,17,353 equity shares of ₹5 each.

What the numbers show

A comparison of the warrant price against the target's financials reveals the valuation context. At ₹328.25 per share, Cupid is investing in a retailer with a net worth of approximately ₹45,017 lacs against a paid-up capital base of roughly ₹37,308 lacs. The rapid expansion in revenue from operations, rising from ₹97,288 lacs in FY24 to ₹1,84,094 lacs in FY26, suggests significant top-line momentum prior to this tranche of equity conversion.

Cupid Limited promoter and Chairman Aditya Kumar Halwasiya acquired 1,62,938 equity shares in the open market on September 25, 2026, raising his individual stake to 34.67%.

This latest acquisition follows earlier purchases of 22,00,000 shares on September 24, 11,00,000 shares on September 23, 24,00,000 shares on September 22, and 41,00,000 shares on September 21. The transaction was disclosed under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The shares carry a face value of Re. 1/- each.

Updated shareholding pattern

The September 25 acquisition added 0.01% to Halwasiya's holding. His absolute share count rose from 465,972,093 to 466,135,031 shares. Columbia Petro Chem Private Limited, the other promoter group entity, retained its stake at 12.95% (174,199,250 shares), leaving the combined promoter group holding at 47.62%.

The table below captures the movement across the five transactions:

Capital structure details

The company's total voting capital remained unchanged at ₹134,46,60,700, divided into 134,46,60,700 equity shares of Re. 1/- each. The total diluted share capital stands at ₹134,70,00,000, divided into 134,70,00,000 equity shares.

No shares held by Aditya Kumar Halwasiya or any other promoter group entity are encumbered, pledged, or subject to non-disposal undertakings, as confirmed in the latest disclosure.