Eureka Forbes block deal: Stake worth Rs 975 cr changes hands; Lunolux likely seller

A block deal took place, on February 22, involving 1.79 crore shares or a 9.3 percent equity stake worth Rs 975 crore in Eureka Forbes, a home appliances company. The deal was executed at a floor price of Rs 544, which represents a 6 percent premium from the previous closing price of Rs 510 on NSE.

It’s likely that Lunolux Ltd, the promoter entity of Eureka Forbes, was the seller as it was reported to sell a stake in the company.

At 9:13 am, Eureka Forbes shares were trading 1 percent lower at Rs 503.95 on BSE. Earlier in opening deals, the stock jumped over 2 percent to hit an intraday high of Rs 544.

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Lunolux Ltd is a special purpose vehicle established by AI Global Investments (Cyprus) PCC Ltd, which acts as the investment hub for Asia for all the funds managed by Advent International.

Lunolex held a 72 percent stake in Eureka Forbes and would continue to remain the majority shareholder if it was the seller in the latest block deal.

In the quarter ended December 2023, Eureka Forbes’ consolidated net profit jumped three times on-year to Rs 22.97 crore. The revenue from operations came in at Rs 539.43 crore, higher as against Rs 473.51 crore in the October-December quarter of FY23.

Also Read | Promoter Lunolux to offload 12% stake in Eureka Forbes via block deal: Sources

In the previous session, the stock rallied after reports said that India Discovery Fund was likely to sell a 4 percent stake in the company.

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