Cupid Limited Makes Payment for Warrants in Baazar Style Retail Limited
Cupid Limited announced on April 2, 2026, that it has made a payment of Rs. 82,88,31,250 to Baazar Style Retail Limited for the subscription of 1,01,00,000 warrants convertible into equity shares.The transaction aims to strengthen Cupid’s retail presence and expand consumer reach by leveraging Baazar Style Retail Limited’s network of over 250 stores. Cupid anticipates expanding the store network to over 500 locations within the next three years, integrating its FMCG product portfolio into this growth.
Baazar Style Retail Limited was incorporated on June 3, 2013, and is engaged in the business of fashion retail. Its consolidated turnover for the last three years is detailed below:
| Particulars | 2024-25 (Rs. Lacs) | 2023-24 (Rs. Lacs) | 2022-23 (Rs. Lacs) |
|---|---|---|---|
| Revenue from operations | 134,371.29 | 97,288.20 | 78,790.27 |
| Other income | 897,589.94 | 648.60 | |
| Total income | 135,268.87 | 98,282.66 | 79,438.87 |
The consideration for the warrants is Rs. 328.25 per warrant, with 25% paid upfront and the remaining 75% to be paid upon conversion of the warrants into equity shares. Cupid Limited indicates that the acquisition does not involve any related party transactions.
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