Eureka Forbes shares drop up to 5% after block deal worth ₹975 crore

Shares of home appliances company Eureka Forbes Ltd dropped up to 5% on Thursday as around 1.79 crore shares worth ₹975 crore traded in block deals.

Around 1.79 crore shares representing 9.3% of equity stake of Eureka Forbes changed hands at a floor price of ₹544 per share, according to market data. Total deal size was around ₹974 crore. The floor price of ₹544 apiece was at a premium of 6% to the previous closing price of ₹510.05. According to market reports, Eureka Forbes promoter entity Lunolux Ltd divested its 9.3% of its stake in the company. Lunolux Ltd is a special purpose vehicle of AI Global Investments (Cyprus) PCC Ltd. Lunolux is the investment hub for Asia for funds managed by Advent International.

According to exchange data, Lunolex held a 72% equity stake in Eureka Forbes as of December 2023. Eureka Forbes is listed only on BSE.

Eureka Forbes reported nearly a three-fold jump in consolidated net profit to ₹22.97 crore for the December quarter of FY24. Its revenue from operations increased around 14% to ₹539.43 crore in the quarter from ₹473.51 crore in the year-ago period.Water purifiers and vacuum cleaners continued the trend of volume growth for the third successive quarter and registered strong volume growth in Q3 as well.

After a firm opening, the stock is trading 5% lower at ₹489 per share on BSE at 13:15 PM.