RHI Magnesita India Ltd makes further investment in Dalmia OCL Ltd

RHI Magnesita India Limited ('RHIM/ Company') has made further investment in Dalmia OCL Limited ('DOCL'), a wholly owned subsidiary of the Company by way of subscription of 1,69,75,051 equity share of DOCL having face value of Rs. 10/‐ each at a premium of Rs. 197/‐ each for an amount aggregating to Rs. 3,51,38,35,557.00/‐ (Rupees Three Hundred Fifty One Crore Thirty Eight Lakhs Thirty Five Thousand Five Hundred Fifty Seven Only) on right issue basis as per the objects stated in the 2nd EGM notice dated 13 February 2023 of the Company.

Prior to 5 January 2023, DOCL was wholly owned subsidiary of Dalmia Bharat Refractories Limited ("DBRL"), On 4 January 2023, DBRL transferred its India Refractory Business to DOCL. The turnover of the Indian refractory business of DBRL (after 4 January 2023, owned by DOCL) for the FY 2021‐2022 was INR 946 crores and the adjusted EBITDA for the FY 2021‐2022 was INR 95 crores.

DOCL is engaged in the refractory business wherein it manufacture and supply products like basic and non‐basic bricks, basic and non‐basic monolithics, pre‐cast shapes and flow‐control products as well as services for the steel industry and Industrial end‐industries, such as cement, glass, copper, aluminium and others.

Shares of Orient Refractories Limited was last trading in BSE at Rs. 672.80 as compared to the previous close of Rs. 669.00. The total number of shares traded during the day was 22746 in over 1487 trades.

The stock hit an intraday high of Rs. 689.10 and intraday low of 666.10. The net turnover during the day was Rs. 15427254.00.

Source : Equity Bulls

Keywords

RHIMagnesitaIndia INE743M01012 Investment DalmiaOCL