Shares of RHI Magnesita India Ltd gained over 6 percent on September 7 after the Competition Commission of India (CCI) cleared Rhone Capital's proposed acquisition of a 29.9 per cent stake in RHI Magnesita NV.
At 9.20am, the stock was trading at Rs 773 on BSE, up 6.4 percent from its previous close while India's benchmark Sensex fell 0.17 percent to 65767 points.
Ignite Luxembourg Holdings, owned by US-based Rhone Capital, has received approval from the CCI for acquiring up to 29.9% of RHI Magnesita NV. RHI Magnesita NV operates through its subsidiary RHI Magnesita India Ltd, specializing in refractories and related products. The CCI overseas such deals to ensure fair competition and prevent unfair business practices.
In a tweet on Tuesday, CCI said it has approved the "acquisition of up to 29.9 per cent equity shares of RHI Magnesita NV by Ignite Luxembourg Holdings S.à r.l." RHI Magnesita NV conducts its business through its subsidiary RHI Magnesita India Ltd and offers isostatically pressed continuous casting refractories, slide gate plates, nozzles and well blocks.
Additionally, the company has declared a dividend of ₹2.50 per share, which will be distributed on October 28th.
RHI Magnesita makes ceramic lining, brick lining which goes into steel plant furnaces or cement plant furnaces. The firm has around 35 percent share globally and 40 percent share in India.
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