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📋 Filing Types Available on ForgeUp Filings Sourced from BSE corporate announcements (equity segment). Companies covered are BSE-listed and most are also listed on NSE. We show only material filings.

Financial Results Orders Dividend Buyback Merger / Acquisition Board Meeting Outcome Fundraise (QIP / Rights / FPO) Regulatory / Court Order Credit Rating Change Promoter Pledge Update Management Change Joint Venture / MOU Delisting Bonus Shares Stock Split

Data sourced from BSE India corporate announcements. More categories will be added over time.

Cupid Ltd-$

Cupid acquires 1.01 crore warrants in Baazar Style Retail for Rs. 82.88 Cr

M&A ◆ Monitor Closely MEDIUM RISK

📅 Filed on BSE: 02 Apr 2026, 05:45 PM IST · BSE ID: 4e387008-8760-4910-9738-f97cd6764ca5

View Original BSE Filing (PDF)

💡

In Simple Terms

Cupid paid Rs. 82.88 crore upfront to buy warrants that can convert into shares of Baazar Style Retail, a fashion retailer with 250 stores and Rs. 134 crore annual revenue.

🤖 AI Summary

Cupid paid Rs. 82,88,31,250 for 1,01,00,000 warrants convertible into Baazar Style Retail equity
25% cash paid upfront; 75% due upon warrant exercise at Rs. 328.25 per warrant
Baazar Style Retail: 250+ fashion retail stores; FY25 revenue Rs. 134,371.29 Lacs
Strategic move to embed Cupid FMCG products in retail network expanding to 500 stores in 3 years
Not a related-party transaction; no regulatory approvals required for acquisition

🔢 Key Numbers - exact figures from BSE filing, not rounded

25% upfront cash consideration

Rs. 82,88,31,250

Warrants convertible into equity shares subscribed

1,01,00,000

Price per warrant

Rs. 328.25

Baazar Style Retail FY25 consolidated revenue

Rs. 134,371.29 Lacs

Baazar Style Retail FY25 PAT

Rs. 1,466.29 Lacs

Baazar Style Retail net worth

Rs. 40,372 Lacs

Existing store locations

250+

Target store locations in 3 years

500

🏢 How This Affects the Company

📈

Business Impact

Cupid gains direct retail distribution access through Baazar Style's 250+ existing stores and planned expansion to 500 locations within three years. This embeds Cupid's condom and diagnostic products into an established retail network, improving consumer reach and visibility in regional markets.

💰

Financial Impact

Cupid has deployed Rs. 82,88,31,250 cash for warrant subscription with remaining 75% payment contingent on exercise. This represents a significant working capital deployment but creates an investment asset (warrants) that will dilute future share count upon conversion.

⚠️

Risk Impact

Execution risk exists: Baazar Style must successfully expand store network to 500 locations as planned. Fashion retail volatility affects target company stability. Warrant conversion timing is uncertain and dependent on target company performance and market conditions.

👥 What This Means For Shareholders

✅

Action Required

Monitor Q3/Q4 FY26 earnings announcements for impact on cash reserves and warrant-related accounting treatment.

👤

Who Is Affected

All equity shareholders face dilution upon warrant conversion into 1,01,00,000 new equity shares. Existing promoter and public shareholders' voting power will decrease proportionally.

🔍

Management Signal

Cupid prioritizes retail expansion and direct consumer access over organic condom sales growth. Strategic pivot toward FMCG distribution and higher-margin retail presence.

For information only. Not investment advice. ForgeUp is not SEBI-registered.

👁 Watch List - track these upcoming events

Warrant conversion notice — track SEBI ICDR Regulations timeline and actual conversion date filing

Baazar Style Retail FY26 financial results — confirm store expansion progress and revenue trajectory

Promoter shareholding disclosure — monitor dilution impact when warrants convert to equity shares

MEDIUM RISK Large contingent cash outlay (Rs. 82.88 Cr), deferred 75% payment exposure, warrant conversion execution risk, and retail sector volatility affecting target company stability.

💡 Investor Takeaway

Cupid paid Rs. 82,88,31,250 for 1,01,00,000 warrants in Baazar Style Retail at Rs. 328.25 per warrant. Target company grew revenue 70% in two years to Rs. 134,371.29 Lacs (FY25). Remaining 75% payment deferred to warrant exercise date. Regulatory approvals not required.

⚖️ Strengths & Concerns

✅ Positives

Baazar Style Retail shows revenue growth: Rs. 78,790.27 Lacs (FY23) to Rs. 134,371.29 Lacs (FY25); CAGR 31%
Target company maintains profitability: PAT of Rs. 1,466.29 Lacs on FY25 revenue; net worth Rs. 40,372 Lacs

⚠️ Concerns

Large upfront cash outlay of Rs. 82,88,31,250 with 75% of deal value still contingent on future warrant exercise
Warrant conversion timeline dependent on SEBI (ICDR) Regulations 2018; no guaranteed conversion date specified in filing

📑 More from Cupid Ltd-$

Cupid Ltd: Board Meeting Scheduled for Q2 FY27 Un-audited Financial Results

RESULTS · 04 Nov 2026

Cupid Ltd: Board Meeting Scheduled for Q1 FY27 Un-audited Financial Results

RESULTS · 04 Aug 2026

Cupid Ltd: Invests USD 5 Mn in GII Healthcare for Strategic Partnership

JV / MOU · 29 Jul 2026

Cupid Ltd Board Meeting Scheduled for Q4 FY26 Results on 15 May 2026

RESULTS · 29 Apr 2026

Cupid Ltd receives SEBI administrative warning for Reg 30 non-disclosure

REGULATORY · 28 Apr 2026

Cupid deploys Rs. 82.88 Crore in Baazar Style Retail — 25% of planned investment

M&A · 02 Apr 2026

All BSE filings we have analysed for Cupid Ltd-$.

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⚠️ For Information Only - Not Investment Advice
ForgeUp Filings provides AI-generated summaries of public BSE exchange announcements (equity segment) for informational purposes only. Nothing here constitutes investment advice or a recommendation to buy, sell, or hold any security. ForgeUp is not a SEBI-registered investment advisor. All financial numbers are sourced directly from BSE filings and shown as-is. Past data is historical only. Please consult a qualified financial advisor before making investment decisions. Data sourced from BSE India public disclosures.