Morganite Crucible India Ltd to acquire further 49% in Diamond Crucible Company Ltd

The Board of Directors of Morganite Crucible India Ltd (MCIL) in their meeting held on June 26, 2017 has approved the acquisition of further 49% equity stake in Diamond Crucible Company Limited (DCCL), a subsidiary of the company from Terrassen Holding Limited, UK.

Pursuant to this acquisition, DCCL would become a wholly owned subsidiary of MCIL.

DCCL is primarily engaged in manufacture and sale of crucibles and allied refractory products for industrial use having its manufacturing facility at Mehsana, Gujarat.

DCCL has achieved turnover of Rs. 265 million for the financial year ended March 31, 2017.

MCIL proposes to discharge the consideration through cash of Rs. 167.5 million. The value of consideration is determined by an independent valuer.

Shares of MORGANITE CRUCIBLE (INDIA) LTD. was last trading in BSE at Rs.920.05 as compared to the previous close of Rs. 922.15. The total number of shares traded during the day was 186 in over 27 trades.

The stock hit an intraday high of Rs. 947.95 and intraday low of 915. The net turnover during the day was Rs. 172907.

Source : Equity Bulls

Keywords