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RHI AG's Affiliate to Acquire 43.6% of Share Capital of Orient Refractories Ltd.; RHI AG's Affiliate and RHI AG Make Offer for Additional 26% Stake in Orient Refractories Ltd.


Tuesday, 15 Jan 2013 07:46am EST 

RHI AG announced that on January 15, 2013, a wholly-owned affiliate of the Company signed a share purchase agreement to acquire 43.6% of the share capital of Orient Refractories Ltd. (ORL). ORL is an Indian producer of special refractories and monolithic. The selling shareholders that hold the stake of the 43.6% are the immediate family members of S.G. Rajgarhia. The transaction price amounts to EUR 31 million (Rupees 2.3 billion). The proposed sale of shares as aforesaid is subject to various conditions precedent including regulatory approvals. As a consequence of the abovementioned transaction, and based on the Securities and Exchange Board of India Regulations, RHI's wholly-owned affiliate, acting in concert together with RHI AG, are making an open offer to the public shareholders for up to an additional 26% of the shares of ORL. The offer price is 43 Rupees (EUR 0.6 ) per equity share amounting to a total of up to EUR 18.5 million. 

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23.93
0.11 +0.46%
8:53am EDT