Desai & Diwanji has advised India conglomerate Shapoorji Pallonji on the 44 billion rupees ($597 million) sale of controlling stake in its subsidiary Eureka Forbes, worth to U.S. private equity firm Advent International. AZB & Partners represented Lunolux.
Eureka Forbes is a consumer goods company specialising in health and safety solutions.
According to Reuters, under the transaction, Eureka Forbes will list on the Bombay Stock Exchange (BSE) as a standalone firm and Advent will then buy up majority stake of the outstanding shares on a fully diluted basis from Shapoorji Pallonji.
The AZB team was led by partner Vaidhyanadhan Iyer.
To contact the editorial team, please email ALBEditor@thomsonreuters.com.