Shapoorji Pallonji group subsidiary announces plan to list Eureka Forbes

Forbes & Company, a Shapoorji Pallonji group firm on Tuesday announced plans to list its subsidiary Eureka Forbes to unlock value for shareholders.

The company's board has authorised the management to evaluate any such scheme in this regard, Forbes & Company said in a regulatory filing.

"The Board of Directors of the company has authorised the management...to evaluate a scheme of arrangement and/or other appropriate mechanisms to enable an eventual listing of Eureka Forbes with an intention to unlock value in the hands of all the shareholders of the company," it said.

These may also include listing, dilution/sale or combination thereof of Eureka Forbes, it added.

Eureka Forbes is a wholly-owned subsidiary of Forbes & Company.

"The Board will consider the above (schemes) when the relevant proposals are placed before it in the near future, but in principle has approved supporting the endeavours of the management in this regard," it said.

It operates in water purifier, air purifier, vacuum cleaner and security solutions system segments.

Eureka Forbes, which is a pioneer in water purification systems, had a gross turnover of Rs 2,961.2 crore in 2017-18. It has a reach in over 1,500 cities and towns, and 53 countries.