RHI Magnesita India surges on executing business transfer agreement with Hi-Tech Chemicals
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RHI Magnesita India is currently trading at Rs. 723.75, up by 4.70 points or 0.65% from its previous closing of Rs. 719.05 on the BSE.
The scrip opened at Rs. 726.35 and has touched a high and low of Rs. 732.20 and Rs. 715.30 respectively. So far 50302 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 732.20 on 19-Oct-2022 and a 52 week low of Rs. 322.70 on 15-Nov-2021.
Last one week high and low of the scrip stood at Rs. 732.20 and Rs. 655.85 respectively. The current market cap of the company is Rs. 11653.72 crore.
The promoters holding in the company stood at 70.19%, while Institutions and Non-Institutions held 10.49% and 19.32% respectively.
RHI Magnesita India has executed a Business Transfer Agreement (BTA) with Hi-Tech Chemicals (Hi-Tech) on October 18, 2022 for acquisition of the refractory business of Hi-Tech by way of a slump sale on a going concern basis for a cash consideration of Rs 621 crore. The object of acquisition is to strengthen and enlarge offering to enhance the Company's position in the domestic & international flow-control refractory business. The target entity operates in the same industry.
RHI Magnesita India offers a wide range of Refractory and Monolithic products for the iron and steel industry and enjoy large domestic and international clientele
