Baazar Style Retail shares decline 5% on Cupid's warrant deal announcement

Shares of Baazar Style Retail Ltd tumbled 5% to their day's low of Rs 322 on the BSE on Wednesday after Cupid announced a strategic investment in the retail chain operator through the subscription of convertible equity warrants. Cupid shares also traded lower lower by 2.5% to Rs 393 per share.

In a regulatory filing to the BSE, Baazar Style Retail said its board of directors, at a meeting held on January 20, approved a fund-raising proposal following an expression of interest from Cupid.

As part of the plan, Baazar Style Retail will raise capital by issuing 1.01 crore equity warrants to Cupid Ltd on a preferential basis. Each warrant will be priced at Rs 328.25, taking the total transaction value to Rs 331.53 crore, with the entire consideration payable in cash.


The warrants are convertible into an equal number of fully paid equity shares with a face value of Rs 5 each. Conversion may occur in one or more tranches within 18 months from the allotment date, in line with Sebi's ICDR Regulations, 2018, and other applicable laws.

The preferential issue will be subject to shareholder approval, along with other necessary regulatory and statutory clearances. The company added that January 14, 2026, is the relevant date for determining the issue price under Sebi regulations.

The proposed investment is being viewed as a strategic move and is expected to draw investor interest, keeping both stocks active during the trading session.

On Tuesday, shares of Cupid fell 5.11% to close at Rs 403.35 on the NSE, while Baazar Style Retail gained 3.5% to end at Rs 338.80.

Over the past month, Cupid’s shares declined about 10%, though they delivered a strong 60% gain over the past three months. In contrast, Baazar Style Retail has rallied around 30% over the last one month.

Technical view

According to Trendlyne data, Cupid’s 14-day RSI stands at 45.3, indicating neutral momentum, with RSI levels below 30 signalling oversold conditions and above 70 indicating overbought levels. Meanwhile, Baazar Style Retail’s 14-day RSI is at 71.3, placing the stock in the overbought zone and raising the possibility of a near-term pullback.

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