Type of Deal: Conversion of warrants into equity shares (minority investment)
Stake/Capacity: Up to 30,00,000 warrants to be converted into equivalent number of equity shares out of total outstanding 86,00,000 warrants
Deal Value: Approximately ₹73.86 crores in one or more tranches for conversion of up to 30,00,000 warrants at predetermined price of ₹328.25 per equity share
Funding Source: Cash consideration for exercising right of conversion
Financial Impact:
Investment is part of previously approved investment in 1,01,00,000 warrants of Baazar Style at ₹328.25 per warrant
15,00,000 warrants were already converted into equity shares on May 15, 2026
Target company financials (consolidated as on March 31, 2026):
Turnover: ₹1,84,086.90 lakhs
PAT: ₹4,686.78 lakhs
Net Worth: ₹45,017.39 lakhs
Authorized Share Capital: ₹50,00,00,000 divided into 10,00,00,000 equity shares of ₹5 each
Paid Up Share Capital: ₹37,30,86,765 divided into 7,46,17,353 equity shares of ₹5 each
Timeline: As per timelines specified under SEBI (ICDR) Regulations, 2018
Strategic Rationale:
Strengthens Cupid's retail presence and expands consumer reach
Baazar Style's established network of over 283 stores provides platform to scale Cupid's FMCG product portfolio across key regional markets
As store network expands to over 500 locations within next 3 years, Cupid's products will be integral part of that growth
Enables wider availability, improved visibility, and deeper engagement with consumers
Approval Status: Board-approved on September 26, 2026
Reference Regulation: SEBI Regulation 30 and SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026
Additional Information:
Not a related party transaction
Promoter/promoter group/group companies have no interest in Baazar Style
No governmental or regulatory approvals required
Baazar Style was incorporated on June 3, 2013 and is engaged in fashion retail business
Country of incorporation: India
Historical turnover (consolidated):
2025-26: ₹1,85,256.47 lakhs total income (₹1,84,094.52 from operations + ₹1,161.95 other income)
2024-25: ₹1,35,268.87 lakhs total income (₹1,34,371.29 from operations + ₹897.58 other income)
2023-24: ₹98,282.66 lakhs total income (₹97,288.20 from operations + ₹994.46 other income)
