Cupid Limited’s Board Meeting (Image Source: iStockphoto)
Cupid Limited has recently taken a step towards enhancing its capital structure. In a move approved by the Board of Directors and subsequently endorsed by the members of the Company in an Extraordinary General Meeting (EGM), Cupid Limited has issued 22,00,000 convertible warrants.
These warrants, each with a face value of Rs. 101, were issued at a price of Rs. 1,751, inclusive of Rs. 10 face value and a premium of Rs. 1,741 per warrant. The issuance, totaling an amount of Rs. 385,22,00,000, has been made to certain identified non-promoter individuals.
The issuance of these warrants follows a meticulous process, with approval sought from regulatory bodies including BSE Limited and the National Stock Exchange of India Limited. Upon receipt of the requisite amount aggregating to Rs. 96,30,50,000, at the rate of Rs. 437.751 per warrant, as the warrant subscription price, the Board of Directors has moved forward with the allotment.
As per the company’s filing on the BSE, the conversion option against each warrant can be exercised upon payment of the balance consideration of Rs. 1,313.251 per warrant. This amount represents 75 per cent of the issue price per warrant and is payable by the Allottees at the time of equity share allotment.
Cupid Limited has scheduled a board meeting on Monday, 8th April, 2024, to consider and adopt the audited financial results for the quarter and financial year ended 31st March, 2024. This meeting underscores the company’s commitment to transparency and adherence to regulatory requirements.
The board meeting will provide an opportunity for stakeholders to gain insights into Cupid Limited’s financial performance and strategic direction. The adoption of audited financial results will reflect the company’s commitment to maintaining high standards of corporate governance.
The company has also announced its decision to withdraw its plans to invest in TFCIL (The Future Capital Investments Limited). This decision comes after thorough analysis of market conditions, strategic priorities, and potential risks involved.
The company’s Chairman, Kuldeep Halwasiya, stated, “While we initially explored the possibility of diversifying our portfolio through investment in TFCIL, upon extensive and subsequent deliberation we have concluded that focusing on our core strengths at Cupid Limited is our top priority.”
On Tuesday, the shares of Cupid Limited closed at Rs 2356.95, 1.12 per cent up from the previous day’s closing. The 52 week high and low of the share is Rs 2,833 and Rs 240.15 respectively.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. TT Research DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
