JM Financial Ltd ("Manager to the Offer") has submitted to BSE a copy of Draft Letter of Offer to the Public Shareholders of Morganite Crucible India Ltd ("Target Company").
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Foseco India Limited, along with persons acting in concert (Foseco Overseas, Vesuvius Holdings, and Foseco UK), has filed a Draft Letter of Offer dated 9 September 2025 for an open offer to acquire up to 14,00,000 equity shares (25% of voting capital) of Morganite Crucible (India) Limited from public shareholders. The offer price is INR 1,557.15 per share, taking the total deal size to up to INR 218 crore (assuming full acceptance). The offer is being made under SEBI Takeover Regulations (Regulations 3(1) and 4), triggered by an underlying Share Purchase Agreement under which Morgan Advanced Materials group is selling its stake in Morganite Crucible India to the Foseco/Vesuvius group. The tendering period is expected to run from 17 October 2025 to 3 November 2025, subject to SEBI observations.
Public shareholders of Morganite Crucible (India) can tender their shares at INR 1,557.15 each in cash. The deal signals a consolidation in the Indian crucible industry as the Foseco/Vesuvius group takes control of Morganite Crucible from the Morgan Advanced Materials group, though the acquirer must ensure minimum public shareholding compliance post-offer.