Our promoters, Morganite Crucible Limited and Morgan Terrassen B.V. ('Promoters'), vide their letters dated 22 August 2025, that the Promoters and their and the Company's ultimate parent ....
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The promoters of Foseco Crucible (India) Ltd (currently known as Morganite Crucible (India) Limited) — Morganite Crucible Limited, Morgan Terrassen B.V., along with ultimate parent Morgan Advanced Materials plc — have signed a Share Purchase Agreement (SPA) with Foseco India Limited to sell 4,200,000 equity shares (75% of paid-up capital) at ₹1,557 per share, for a total deal value of ₹65.39 crore. Instead of cash, the sellers will be paid through a preferential allotment of 1,150,800 shares of Foseco India Limited (at ₹5,674 per share), giving them 15.27% stake in Foseco India post-issuance, at an exchange ratio of 0.274 share of Foseco India per share sold. Once completed, Foseco India will own 75% of the company, making it a subsidiary. The deal triggers a mandatory Open Offer under SEBI Takeover Regulations. There is no immediate change in management or control until the transaction completes.
This is a complete change of control — the company moves from the Morgan Advanced Materials group to the Foseco India (Vesuvius) group. Shareholders will get a tendering opportunity under the Open Offer and should watch for the offer price announcement from Foseco India.