🚀 Foseco India Hits Record High on 75% Stake Acquisition in Morganite Crucible

Shares of Foseco India surged nearly 19% to an all-time high of Rs 6,680 on August 22 after the company announced a Rs 654 crore acquisition of Morganite Crucible (MCIL). The stock later pared gains but still closed 14% higher at Rs 6,380, marking a 30% rise in the last five days and 82% in the past six months. Foseco has entered into a share purchase agreement to acquire 42 lakh shares of MCIL, representing 75% of its equity, at Rs 1,557 per share. The deal will be financed through the issue of 11.51 lakh equity shares of Foseco India to MCIL promoters at Rs 5,674 per share. This transaction will also trigger a mandatory open offer to acquire an additional 25% stake in MCIL (up to 14 lakh shares) from public shareholders, at Rs 1,557.15 per share, aggregating Rs 218 crore. MCIL, engaged in manufacturing crucibles and foundry consumables, will strengthen Foseco and its parent Vesuvius Group’s presence in the non-ferrous metal segment. The company expects significant cost synergies and deeper exposure to the Indian market as part of its global growth strategy. Currently, Foseco India trades at a P/E ratio of over 59, reflecting strong investor optimism. #FosecoIndia #MorganiteCrucible #Acquisition #StockMarketIndia #MergersAndAcquisitions #MarketUpdate #FoundryBusiness #NiftyStocks