Orient Refractories gains on Open Offer by Dutch firm

Dutch US Holding B.V. has made an open offer to acquire additional 26% stake at price of Rs 43 per share.

Orient Refractories is trading higher by 3% at Rs 37.70, after the Dutch firm Dutch US Holding B.V. made an open offer to acquire additional 26% stake in the company at price of Rs 43 per share.

On January 15, the promoters of Orient Refractories had entered into an agreement with Dutch US Holding B.V. Netherlands to sell 52.4 million shares, which is 43.62% stake of the total paid-up equity of the company.

“Dutch US Holding B.V. along with RHI AG have made an open offer to acquire up to 31.24 million equity shares, representing 26% of the total paid-up equity share capital of Orient Refractories from the public shareholders at price of Rs 43 per share,” JM Financials, the manger of open offer said on behalf of the company.

 

The stock opened at Rs 35 and touched high of Rs 39.60 on the NSE. A combined 728,026 shares have changed hands on the counter so far on both the exchanges.