Shapoorji Pallonji and Co exits from Eureka Forbes

Construction main Shapoorji Pallonji and Company has exited from Eureka Forbes after promoting its remaining 8.7 per cent stake to the brand new proprietor Lunolux, a agency backed by non-public fairness agency Advent International.

Lunolux acquired 1.68 crore fairness shares of Eureka Forbes constituting 8.7 per cent of the fairness share capital of Eureka Forbes from Shapoorji Pallonji and Company on July 12, 2022, stated a regulatory replace by the producer of the vacuum cleaner and water air purifier.

“Accordingly, the number of shares held by Shapoorji Pallonji and Company in Eureka Forbes Ltd has reduced from 1.68 crore to nil Equity Shares and the percentage of total share capital held by Shapootji Pallonji and Company in Eureka Forbes Limited has been consequently diluted from 8.70 per cent to NIL per cent,” it stated.

This is as a part of the underlying transaction undertaken pursuant to the share buy settlement dated September 19, 2021, entered between Lunolux and Shapoorji Pallonji and Co, it added.

Lunolux Ltd is a particular goal automobile integrated by AI Global Investments (Cyprus) PCC Ltd, which operates because the funding hub for Asia for all of the funds managed by Advent International.

In September 2021, Advent International signed a deal to purchase a majority stake in Eureka Forbes Ltd, the buyer durables flagship of the Shapoorji Pallonji Group, for Rs 4,400 crore In April seven administrators from Shapoorji Pallonji and Co resigned from the board of Eureka Forbes.

Advent International had earlier this week introduced to nominate former Jubilant Foodworks CEO Pratik Pota to guide its portfolio firm, Eureka Forbes with impact from August 16.