RHI Magnesita to acquire Indian refractory business of Dalmia Bharat Refractories Limited
The Board of Directors of RHIMagnesita in their meeting held on 5 January 2023 has inter-alia approved the acquisition of the Indian refractory business of Dalmia Bharat Refractories (DBRL). Under the terms of a Share Swap Agreement, RHI Magnesita will acquire all outstanding shares in Dalmia OCL (DOCL) in exchange for 2.7 crore new shares in RHI Magnesita India. Based on the issuance price of RHI Magnesita India at Rs 632.5029 per share, the Share Consideration had a value of approximately Rs 1,708 crore (208 million). As a result of this deal, the whole refractory business of Dalmia Bharat Refractory is being transferred to RHI Magnesia, and Dalmia Bharat Refractory is now an investment company holding 14.4% of RHI Magnesita.