Eureka Forbes Stake Sale: Goldman, Cassini, Morgan Stanley Among Buyers

Goldman Sachs India Pvt., Morgan Stanley Asia Pte and Cassini Partners LP were among the major buyers in the stake sale of home appliance maker Eureka Forbes Ltd.

The sale, comprising a 10% share of the company at a value of Rs 979 crore, was conducted by its promoter Lunolux Ltd. via block deals, according to exchange data on Thursday.

Lunolux offloaded 1.93 crore shares in the maker of Aquaguard water purifiers at Rs 506.06 apiece, according to BSE data. That’s higher than the floor price of Rs 494.75 indicated in the deal term sheet.

Goldman Sachs India Equity Portfolio mopped up 23.45 lakh shares, representing 1.2% equity, for Rs 118.4 crore.

Other major buyers include U.S. investment bank Morgan Stanley, which acquired 19.44 lakh shares, or a 1% stake, for Rs 98 crore. Hill Fort India Fund LP bought 19.3 lakh shares, amounting to a 0.99% stake; Cassini purchased 18.9 lakh shares (0.97%); Societe Generale bought 13.8 lakh shares (0.7%); and Plutus Wealth Management LLP mopped up 14.8 lakh shares (0.76%), among others.

The shares were purchased by the buyers at Rs 504.95 apiece.

The promoter held a 72.56% shareholding in Eureka Forbes as of December 2023.

Last week, hedge fund India Discovery Fund Ltd. trimmed its stake in the company to 6.82%.

Shares of Eureka Forbes closed 3.55% lower at Rs 491.95 apiece on Thursday, as compared with a 0.74% advance in the BSE Sensex.