JM Financial Ltd ("Manager to the Offer") has submitted to BSE a copy of Public Announcement for the attention of the Public Shareholders of Morganite Crucible India Ltd ("Target Company") ....
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Foseco India Limited (Acquirer), together with PACs Foseco Overseas Limited, Vesuvius Holdings Limited, and Foseco (UK) Limited from the Vesuvius Group, has announced a mandatory open offer to acquire up to 14,00,000 equity shares (25% of voting share capital) of Morganite Crucible (India) Ltd at INR 1,557.15 per share, aggregating to about INR 218 crore in cash. The open offer is triggered by a Share Purchase Agreement dated 22 August 2025 under which Foseco India will acquire 42,00,000 shares (75% of voting capital) from existing promoters Morganite Crucible Limited (UK) and Morgan Terrassen B.V. (Netherlands) at INR 1,557 per share. The underlying transaction value is about INR 654 crore, to be paid via a share swap involving issuance of 11,50,800 equity shares of Foseco India at INR 5,674 per share (exchange ratio of 0.274 shares for every 1 sale share). The Acquirer has stated no intention to delist Morganite Crucible (India) Ltd. JM Financial Limited is acting as Manager to the Offer.
Public shareholders of Morganite Crucible (India) Ltd can tender their shares at INR 1,557.15 in the open offer, which represents a change of promoter within the Vesuvius Group — from the Morganite entities to Foseco India. Foseco Crucible (India) Ltd, as part of the acquiring group, stands to gain control of Morganite Crucible through this transaction.