Lunolux Limited, Lunolux Midco Limited, AI Pure (Cayman) Limited and AI Global Investments (Cyprus) PCC Limited made an offer to acquire a 26% stake in Eureka Forbes Limited (BSE:543482) INR 10.6 billion on March 16, 2022. Under the terms, 50,304,603 shares at an offer price of INR 210.15 in cash will be acquired representing 26% stake in Eureka Forbes. Lunolux Limited, Lunolux Midco Limited, AI Pure (Cayman) Limited and AI Global Investments (Cyprus) PCC Limited also entered into an underlying offering with Shapoorji Pallonji and Company Private Limited to acquire 72.56% stake in Eureka Forbes.

In case no Equity Shares are validly tendered and accepted in the Open Offer, the Acquirer will acquire Equity Shares representing 72.56% stake. The Open Offer is not conditional upon any minimum level of acceptance. The acquirer has received an equity commitment wherein each acquirer has agreed to provide its respective equity commitment aggregating to INR 8868.73 million to fund the maximum open offer consideration.

Further, the acquirer has confirmed that it has adequate resources and has made firm financial arrangements for fulfilling the payment obligations under the open offer. No statutory approvals required for open offer. The transaction is subject to the approval of Reserve Bank of India (RBI) or any other regulatory body and satisfaction of certain conditions.

The tendering period starts from May 9, 2022, and will close on May 23, 2022. BDO India LLP acted as financial advisor, Bansi S. Mehta & Co. acted as an accountant and ICICI Securities Limited (NSEI:ISEC) acted as manager and Link Intime India Pvt.

Ltd. acted as registrar to the offer to Eureka Forbes Limited.