In a move to fund its ambitious plan, DBL started to hive-off their non-core assets. In pursuant to the same, DBL announced divestment of its entire 42.36% equity interest in Dalmia Bharat Refractories Limited ("DBRL") held through it WoS Dalmia Cement [Bharat) Limited (DCBL).
Dalmia Bharat Limited ("DBL") is the fourth-largest cement manufacturing company in India by installed capacity. Spread across 10 states and 14 manufacturing units, DBL is a category leader in super-specialty cement used for oil well, railway sleepers and airstrips and is the country's largest producer of Portland Slag Cement (PSC). The equity shares of DBL are listed on nationwide bourses.
Dalmia Cement (Bharat) Limited, a wholly owned subsidiary of DBL inter-alia was holding 42.36% stake in Dalmia Bharat Refractories Limited ("DBRL").
Dalmia Bharat Refractories Limited ("DBRL") was engaged in providing a complete line of services including refractory design and layout for greenfield projects, refractory application and maintenance. In January 2023, DRBL sold its entire India Refractory Business to RHI Magnesita India Limited against 2,70,00,000 equity shares of RHI Magnesita India Limited representing circa 13.25% Stake valued at circa INR 1800 crore. The Equity shares of DBRL are listed on Metropolitan Stock Exchange & Calcutta Stock Exchange.
At the time of this transaction, DBRL shareholding pattern was 42.36% by DCL (through DCBL), 32.63% by Dalmia family in their personal capacity (total promoter holding being 74.99%) while remaining 25.01% is owned by public shareholders.
The Transaction
DCBL has entered into a binding agreement to sell its 42.36% stake in DBRL to a promoter group company called Sarvapriya Healthcare Solutions Private Limited at a consideration of ₹800 crores. The payment consideration for the same will come in as follows:
Diese Geschichte stammt aus der May 2023-Ausgabe von M & A Critique.
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