JM Financial submits offer for Morganite Crucible open offer

Foseco India Limited ("acquirer"), along with Foseco Overseas Limited, Vesuvius Holdings Limited, and Foseco (UK) Limited, has announced an open offer to acquire up to 1,400,000 fully paid-up equity shares of Morganite Crucible (India) Limited. This represents 25.00% of the voting share capital at an offer price of INR 1,557.15 per share, totaling up to INR 2,180,010,000.

The tendering period for the open offer is scheduled to commence on December 31, 2025, and close on January 13, 2026.

This offer follows the acquirer's acquisition of 4,200,000 equity shares (75.00% of voting share capital) from the sellers on November 12, 2025, at a price of INR 1,557 per share, under a share purchase agreement. The offer price was determined in accordance with Regulation 8(2) of the SEBI (SAST) Regulations, being the higher of valuation parameters.