Shares of Cupid Ltd. were locked in upper circuit on Wednesday after Columbia Petro Chem Pvt. and Aditya Halwasiya acquired stake in the company.
Columbia Petro Chem, part of the Universal-Halwasiya Group, and Promoter Aditya Halwasiya bought 26% stake for Rs 325 per share in an open offer, for a consideration of Rs 113 crore.
This comes after the Universal-Halwasiya Group acquired 41.84% stake in the company for Rs 159.1 crore from outgoing promoters Omprakash and Veena Garg.
Shares of the company rose as much as 5%, the highest since Dec. 11, compared to a 0.57% advance in the NSE Nifty 50 as of 10:08 a.m.
The stock has risen 269.21% year-to-date. Total traded volume so far in the day stood at 0.5 times its 30-day average. The relative strength index was at 74.
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