Eureka Forbes’ shares surge 3% on large block deal worth Rs 975 crore

As per reports, Eureka Forbes’ promoter Lunolux was likely to sell up to 12% stake or 2.3 crore shares through block deals today

Shares of Eureka Forbes surged over 3% in trade on the back of a large block deal. Nearly 1.8 crore shares or 9.3% equity changed hands in a block deal on Thursday morning, with the total deal worth Rs 975 crore. The deal is said to be done at Rs 544 per share.

As per reports, Eureka Forbes’ promoter Lunolux was likely to sell up to 12% stake or 2.3 crore shares through block deals today. Floor price of the deal was said to be set at Rs 494.75, a discount of 3% and the deal size was estimated at Rs 1,150 crore.

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Eureka Forbes share price hit an intraday high of Rs 544 on the NSE in the early trade after the block deal. However, as of 9:25 AM, Eureka Forbes’ share price was at Rs 508.95, down 0.2%.

Lunolux, via the reported block deal, would bring down its stake to around 60% in Eureka Forbes. The firm is backed by private equity major Advent International and held a 72.56% stake in Eureka Forbes as of the latest shareholding pattern available on exchanges.

In Q3FY24, Eureka Forbes’ net profit stood at Rs 22.97 crore against Rs 6.85 crore posted in the year-ago period. The revenue from operations came in at Rs 539.43 crore against Rs 473.51 crore in Q3FY23.