Lunolux Limited, the promoter of Eureka Forbes, has encumbered its entire shareholding of 121,041,730 equity shares, representing 62.55% of the total paid-up share capital. This encumbrance, effective from May 7, 2024, involves a pledge over the shares to CSCGlobal Capital Markets (Singapore) Pte. Ltd. as security agent for a facility. The funds are earmarked for refinancing an existing term loan, impacting the promoter’s financial leverage.
Lunolux Encumbers Eureka Forbes Shareholding
Lunolux Limited, the promoter of Eureka Forbes Limited, has disclosed the encumbrance of its entire shareholding in the target company. A total of 121,041,730 equity shares, constituting 62.55% of Eureka Forbes’ total paid-up share capital, have been pledged. This significant action became effective on May 7, 2024.
Details of the Encumbrance
The shares have been pledged in favour of CSCGlobal Capital Markets (Singapore) Pte. Ltd., acting as the security agent for the benefit of lenders. This encumbrance is linked to a facility agreement dated May 1, 2024, which involves Lunolux as the borrower. The pledged shares serve as security for this facility.
Purpose of Encumbrance
The borrowed funds are intended for inter alia refinancing and repayment of an existing term loan facility. This facility was originally availed by Lunolux pursuant to an agreement dated September 20, 2021, involving Bank of New York Mellon, London Branch as the security agent. The overall amount involved in this security arrangement is approximately USD 92,000,000 (INR 7,682,000,000).
Additional Non-Disposal Undertaking
In addition to the pledge, certain restrictions have been placed on Lunolux concerning the equity shares held in Eureka Forbes, effective from May 7, 2024. This is in the nature of a non-disposal undertaking.
Reporting Context
This disclosure is made as per Regulation 31(1) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The reporting date for this disclosure is August 4, 2026.
Source: BSE
