M&A

M&A

Metallurgical products maker Foseco India acquires 75% stake in Morganite Crucible for Rs.654-Cr

BSE announcement   Business Standard   Morganite Crucible  

Pune-based Foseco India has acquired a 75% stake in fellow publicly listed Morganite Crucible (India) (MCIL) from Morganite Crucible and Morgan Terrassen B.V. for INR 654 crore. Foseco India will issue 1,150,800 fresh equity shares using a swap ratio of 274 Foseco India shares for every 1000 MCIL shares.The acquisition will also trigger a mandatory open offer by Foseco India to acquire up to 25% shareholding of MCIL from its public shareholders.This acquisition aligns with the larger acquisition of the worldwide Molten Metal Systems (MMS) business by the Vesuvius Group from the Morgan Group to increase its exposure to the foundry business in India.JM Financial acted as exclusive financial advisor to Foseco India and the manager of the open offer to Foseco India on this transaction.MCIL is a provider of high-tech crucibles, particularly for non-ferrous applications.