Orient Abrasives, SG Rajgarhia along with other promoters of Orient Refractories have entered into a share purchase agreement on Tuesday with Dutch US Holding B.V. Netherlands (an entity wholly owned by RHI AG, Austria) for sale of 5.24 crore equity shares (43.62 percent stake) at Rs 43 a share (which is 17 percent premium to Tuesday's closing value), the company said in its release. The stake valued at more than Rs 225 crore.
Refractories and monolithics manufacturer said Dutch US Holding has submitted to BSE a copy of open offer for acquisition of up to 3,12,36,192 equity shares, representing 26% stake, at a price of Rs 43 per share, which is valued at more than Rs 134 crore.
Shares gained 6.27 percent to Rs 39 at 12:04 hours IST on Bombay Stock Exchange. Trading volumes increased quite significantly to 8,18,443 shares as against five day average of 83,429 shares.
Market capitalisation of the company currently stands at Rs 468.54 crore.
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