The board of directors at Bazaar Style Retail Limited has approved a preferential issue of 1.01 crore convertible warrants to Cupid Limited at ₹328.25 per warrant, raising ₹331.53 crore. The board meeting held on January 20, 2026, commenced at 4:00 PM and concluded at 8:55 PM, resulting in approval of this strategic capital raising exercise. The transaction is being conducted under Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, with Monarch Networth Capital Limited acting as the sole advisor. The relevant date for the preferential issue is January 14, 2026 as per SEBI ICDR Regulations. Cupid Limited currently holds no shares in the company.
Each warrant will be convertible into an equivalent number of equity shares within 18 months from the date of allotment. The conversion can be executed in one or more tranches during this period in accordance with SEBI ICDR Regulations. Should warrant holders fail to exercise their conversion rights within the stipulated timeframe, the unexercised warrants will lapse automatically and 25% of the total consideration paid will be forfeited by the company, while the remaining amount may be refunded to the warrant holder.
Upon full conversion of the warrants into equity shares, Cupid Ltd. will own an 11.92% stake in Bazaar Style Retail as a non-promoter body corporate. Cupid Ltd., which manufactures and supplies sexual health and personal care products including male and female condoms, has investor Aditya Kumar Halwasiya classified as a promoter in its shareholding pattern. The transaction requires shareholder approval from Bazaar Style Retail Limited and regulatory and statutory approvals as required under applicable laws and regulations before completion.
Bazaar Style Retail Limited has announced the resignations of two key senior management personnel due to personal reasons. Chief Operating Officer Saurav Jhunjhunwala stepped down effective January 13, 2026, while Vice President – Category Planning Gaurav Saraogi resigned effective January 31, 2026. Both executives submitted their resignation letters via email, with Jhunjhunwala's resignation letter dated November 7, 2025, requesting immediate relief, while Saraogi provided a 30-day notice period in his letter dated January 2, 2026. These leadership changes come alongside the company's significant fundraising initiative.
Shares of Bazaar Style Retail have experienced exceptional performance, gaining 42.86% over the last five trading sessions and 28.09% over the past month. The stock closed 3.47% higher on the latest trading session. Despite this significant rally, the shares remain below their IPO price of ₹389 per share. The company has informed both BSE Limited and National Stock Exchange of India Limited about the warrant issuance as required under Regulation 30 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.
