Intimation of receipt of public announcement dated 22ndAugust, 2025 in relation to an Open Offer to the Public Shareholders (as defined under Public Announcement) of the Company issued ....
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Foseco India Limited, part of UK-based Vesuvius Group, is acquiring Morganite Crucible (India) Limited, which is listed on BSE (Scrip Code 523160). Foseco India has signed a Share Purchase Agreement dated August 22, 2025 to buy 42 lakh equity shares (75% of voting capital) from the current promoters — Morganite Crucible Limited (UK) and Morgan Terrassen B.V. (Netherlands) — at INR 1,557 per share, for an aggregate value of about INR 65.39 crore, payable through a share swap of roughly 11.5 lakh Foseco India shares. This deal triggers a mandatory open offer under SEBI takeover rules for an additional up to 14 lakh shares (25%) from public shareholders at INR 1,557.15 per share, worth up to INR 218 crore if fully tendered. Foseco India does not intend to delist the company, will become the new promoter, and the current promoters will step down after the deal. JM Financial is the manager to the offer.
Public shareholders of Morganite Crucible (India) Limited can choose to tender their shares in the open offer at INR 1,557.15 per share, a fixed exit price. The stock may trade closer to the offer price in the near term, and Foseco India's stake in Morganite Crucible could rise to 100% if all public shareholders tender their shares.