RHI Magnesita India trades higher as its arm to acquire balance 49% stake in RHIM Seven
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RHI Magnesita India is currently trading at Rs. 645.75, up by 2.10 points or 0.33% from its previous closing of Rs. 643.65 on the BSE.
The scrip opened at Rs. 636.10 and has touched a high and low of Rs. 650.25 and Rs. 636.10 respectively. So far 2220 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 893.15 on 06-Jan-2023 and a 52 week low of Rs. 461.15 on 22-Jun-2022.
Last one week high and low of the scrip stood at Rs. 664.90 and Rs. 633.55 respectively. The current market cap of the company is Rs. 13154.66 crore.
The promoters holding in the company stood at 6a0.11%, while Institutions and Non-Institutions held 10.19% and 29.71% respectively.
RHI Magnesita India’s wholly owned subsidiary -- Dalmia OCL (DOCL) has executed a Share Purchase Agreement (SPA) with Seven Refractories GMBH, Vienna vide agreement on April 21, 2023 for acquisition of the balance 49% paid up equity shares of RHI Magnesita Seven Refractories (RHIM Seven) (formerly known as Dalmia Seven Refractories) for cash consideration of Rs 64 crore.
DOCL already owns 51% paid up equity shares of RHIM Seven and will own 100% paid up equity shares of RHIM Seven following completion of the acquisition. The acquisition is subject to standard closing conditions and is expected to complete in the second half of 2023.
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.
