 "Eureka Forbes locked at the 5% lower circuit on BSE listing")
Shares of Eureka Forbes were locked in the 5 per cent lower at Rs 470.25 on the BSE on Wednesday. As of 10:02 am; around 165,000 equity shares changed hands at the counter and there were pending sell orders for 221,980 shares on the BSE. In comparison, the S&P BSE Sensex was up 1.4 per cent at 56,530.
Shares of Eureka Forbes were listed and admitted to dealings on the Exchange in the list of ''T'' group securities, BSE said. The scrip will be in trade-for-trade (T2T) segment for 10 trading days. In the T2T segment, each trade has to result in delivery and no intra-day netting of positions is allowed.
The board of directors of Forbes & Company on September 8, 2020 had approved the composite scheme of arrangement of Aquaignis Technologies Private Limited (ATPL) and Euro Forbes Financial Services (EFFSL) with Eureka Forbes and demerger and vesting of demerged undertaking of Forbes & Company (FCL) into Forbes Enviro Solutions (FESL) on a going concern basis.
Eureka Forbes (formerly known as Forbes Enviro Solutions), shall issue 15 fully paid up equity shares of Rs 10 each to the shareholders of Forbes & Company for every 1 fully paid up equity shares of Rs 10 each held by shareholders in Forbes & Company.
Pursuant to the stake buy, private equity major Advent International had made an open offer to buy 50.3 million equity shares representing 26 per cent of total equity of Eureka Forbes at a price of Rs 210.15 per share. CLICK HERE FOR MORE DETAILS
Pursuant to the stake buy, private equity major Advent International had made an open offer to buy 50.3 million equity shares representing 26 per cent of total equity of Eureka Forbes at a price of Rs 210.15 per share. CLICK HERE FOR MORE DETAILS
The stock on Wednesday started trading at Rs 495, compared to its day's open price on the BSE, the open offer thus translates into a steep discount of 57.5 per cent.
Eureka Forbes is engaged in manufacturing, selling, renting and servicing of vacuum cleaners, water filter cum purifiers, water and waste water treatment plant, trading in electronic air cleaning systems, small household appliances, digital security system, air-conditioners and all kinds of electrical & non electrical appliances etc.
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