Construction major, Shapoorji Pallonji and Company has exited from Eureka Forbes after selling its remaining 8.7 per cent stake to the new owner Lunolux, a firm backed by private equity firm, Advent International.
Lunolux acquired 1.68 crore equity shares of Eureka Forbes, constituting 8.7 per cent of the equity share capital of Eureka Forbes from Shapoorji Pallonji and Company on July 12, 2022, said a regulatory update by the manufacturer of the vacuum cleaner and water 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 has been consequently diluted from 8.70 per cent to nil per cent," it said.
This is as part of the underlying transaction undertaken pursuant to the share purchase agreement dated September 19, 2021, entered between Lunolux and Shapoorji Pallonji and Co, it added.
Lunolux Ltd is a special purpose vehicle incorporated by AI Global Investments (Cyprus) PCC Ltd, which operates as the investment hub for Asia for all the funds managed by Advent International.
In September 2021, Advent International signed a deal to buy a majority stake in Eureka Forbes Ltd, the consumer durables flagship of the Shapoorji Pallonji Group, for ₹4,400 crore. In April, seven directors from Shapoorji Pallonji and Co resigned from the board of Eureka Forbes.
Advent International had earlier this week announced to appoint former Jubilant Foodworks CEO, Pratik Pota to lead its portfolio company, Eureka Forbes with effect from August 16.