RHI Magnesita India Limited agreed to acquire Dalmia

RHI Magnesita India Limited (BSE:534076) agreed to acquire Dalmia-OCL Ltd from Dalmia Bharat Refractories Limited for INR 17.4 billion on November 19, 2022. RHI Magnesita will issue 27 million shares of the company for INR632.5029 per share in exchange for approximately 82.5 million shares of Dalmia-OCL. The transaction is conditional upon approval from State Government authority in relation to transfer of mining leases and transfer of leasehold of land situated in Odisha.

As of November 19, 2022, Dalmia Bharat Refractories Limited's board approved the transaction. The Company will consolidate Dalmia-OCL Ltd's earnings and approximately INR 4.43 billion of net debt held by Dalmia-OCL Ltd. The transaction is expected to close within 3 months of the agreement. The transaction is expected to complete in the first quarter of 2023.

Samir Sheth of BDO Advisory LLP acted as legal advisor to RHI Magnesita India Limited (BSE:534076).