Foseco India Limited has informed the Exchange regarding the Amendment to AOA/MOA of the company.
FOSECOIND · price
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Awaiting price reaction for this filing.
Foseco India will acquire 75% (42 lakh shares) of Morganite Crucible (India) Ltd (MCIL) from Morgan Group entities for INR 653.94 crore, payable entirely through a share swap of 11,50,800 Foseco India shares (about 15.27% of its paid-up capital) at INR 5,674 per share. The deal triggers a mandatory open offer to MCIL public shareholders for up to another 25% (14 lakh shares) at INR 1,557.15 per share, worth up to INR 218.01 crore in total. MCIL makes crucibles and foundry consumables with FY25 turnover of INR 182.15 crore and a plant in Chhatrapati Sambhajinagar. The acquisition is part of parent Vesuvius Group buying Morgan's worldwide Molten Metal Systems business to expand its foundry footprint in the non-ferrous segment and India. Foseco's authorised capital will rise from INR 7.5 crore to INR 9 crore, and an EGM is set for September 21, 2025 to seek shareholder approvals.
Existing Foseco shareholders face dilution of roughly 15.27%, but gain a complementary crucible and foundry consumables business that could strengthen the company's growth profile. Near-term stock reaction will depend on how the market values the share-swap price and the strategic fit of MCIL with Foseco's existing business.