Eureka Forbes got listed today at Rs.495 but within seconds crumbled down to hit the 5% LC of the day at Rs.470.25, where it now remains frozen.

This sell-off is because the open offer is at a steep discount of almost 60% to the price it got listed today.

Eureka Forbes (earlier known as Forbes Enviro Solutions) was a 100% subsidiary of Forbes & Company. It was demerged into a standalone company and this is what got listed today on the BSE.

As per the deal, post listing, PE Fund, Advent will purchase up to 72.56% of the company's then outstanding stock on a fully diluted basis from Shapoorji Pallonji Group.

Advent has since then made an open offer to buy 50.3 million equity shares representing 26% of total equity of Eureka Forbes at a price of Rs 210.15/share.