Intimation of receipt of Draft letter of offer by Acquirer dated 9th sept 2025 in relation to an Open Offer to the Public Shareholders

Open Offer TriggeredListed Co AcquisitionStrategic Transactions View source PDF Explain this filing

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Nifty Microcap 250market · in no size index; the smallest one is used+0.4%-0.6% vs market

Electrodes & Refractories peers, median of 10sector+0.8%-0.9% vs sector

On the reaction day the stock moved 0.6 pts less than Nifty Microcap 250 and 0.9 pts less than its Electrodes & Refractories peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

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AI summary

Foseco Crucible (India) Ltd (formerly Morganite Crucible India, BSE Scrip Code: 523160) has informed the stock exchange that it received the Draft Letter of Offer dated 9 September 2025 from Foseco India Limited (the Acquirer), along with three persons acting in concert — Foseco Overseas Limited, Vesuvius Holdings Limited, and Foseco (UK) Limited. The Acquirer is making an open offer to buy up to 14,00,000 equity shares (face value INR 5 each), representing 25% of the voting share capital, at an offer price of INR 1,557.15 per share in cash, totaling up to about INR 218 crore assuming full acceptance. The open offer follows the public announcement made on 22 August 2025 and detailed public statement on 1 September 2025. JM Financial Limited is acting as the Manager to the Offer, and the tendering period is scheduled from 17 October 2025 to 3 November 2025.

Likely market impact

Public shareholders now have a defined cash exit opportunity at INR 1,557.15 per share. The offer signals a change in controlling ownership of the company from the current promoter group (Morgan Advanced Materials) to the Foseco/Vesuvius group, which may also impact the company's public shareholding and trading liquidity.