Lunolux Ltd, the promoter entity of Eureka Forbes, is set to offload 12 percent in the home appliances company via block deals, CNBC Awaaz reported on February 21, citing sources.
The promoter firm will be selling around 2.3 crore shares, the report said, adding that the floor price has been set at Rs 494.75 per share. This takes the overall deal size to Rs 1,150 crore.
The shares would be offloaded at a maximum discount of 3 percent, the persons privy to the development told the news channel.
In the trading session on February 21, Eureka Forbes' shares rallied after reports said that India Discovery Fund is likely to sell a 4 percent stake in the company. The scrip settled at Rs 516 apiece on the BSE, higher by 4.68 percent as against the previous day's close.
Lunolux, via the reported block deal, would bring down its stake to around 60 percent in Eureka Forbes. The firm, backed by private equity major Advent International, held a 72.56 percent stake in Eureka Forbes as of December 31, 2023, as per the shareholding pattern available with the BSE.
In the quarter ended December 2023, Eureka Forbes' consolidated net profit stood at Rs 22.97 crore, around three times higher as compared to Rs 6.85 crore clocked in the year-ago period.
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.
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