Lunolux, the promoter entity of Eureka Forbes, has divested a 10 percent equity stake in the company through open market transactions on the BSE. According to bulk deals data available on the BSE, Lunolux sold 19,347,924 shares at an average price of Rs 506.06, totaling the transaction at Rs 979.12 crore. As of December 2023, the promoter held a 72.56 percent stake in the company.
Lunolux Ltd, a special purpose vehicle established by AI Global Investments (Cyprus) PCC Ltd, which serves as the investment hub for Asia for all funds managed by Advent International, conducted the sale.
The buyers included Goldman Sachs, Cassini Partners, Plutus Wealth Management, Morgan Stanley Asia, Aditya Birla Sun Life Insurance, Societe Generale, Hill Fort India Fund, and BOFA Securities Europe SA.
Among the buyers, Goldman Sachs India Equity Portfolio acquired the highest number of shares, purchasing a 1.21 percent stake or 2,345,220 shares at an average price of Rs 504.95, amounting to Rs 118.42 crore.
Morgan Stanley Asia PTE bought 1,944,294 shares, representing a 1 percent stake, at the same average price, with shares worth Rs 98.17 crore. Aditya Birla Sun Life Insurance acquired a 0.56 percent stake or 1,089,198 shares for Rs 54.99 crore.
Following the announcement, shares of Eureka Forbes witnessed a decline of 3.55 percent to Rs 491.95 on the BSE during the session.
