Dalmia Bharat Refractories has, despite solemn assurances given during Merger proceedings of erstwhile Dalmia Refractories with Dalmia OCL in NCLT , Chennai , have not got its shares listed in BSE, even after 10 months after the sanction of Merger.
Shares of Dalmia Bharat Refractories are currently listed in Calcutta Stock Exchange and Metropolitan Stock Exchange , both of which are Non Operational.
Dalmia Bharat Refractories had recently made a massive windfall profit by selling its 5 Indian Units , for more than 1700 crore , to RHI Magnesita India.
In order to get a fair share of this bonanza , Public shareholders of Dalmia Bharat Refractories are , also , demanding a Buyback offer . NAV of one share of Dalmia Bharat Refractories has been worked out to be around Rs.600 - Please Recalculate Independently also.
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Shareholders of Dalmia Bharat Refractories have proposed amendments of the Sale agreement so that they get directly shares of RHI Magnesita India
Amended Scheme
1 Dalmia Bharat Refractories first transfers its retaining 3 units in China and Germany and Dalmia Bharat Refractories' substantial Equity holding of Dalmia Bharat 's shares to Dalmia Bharat Refractories ' subsidiary Dalmia OCL Ltd.
2
Shareholders of Dalmia Bharat Refractories be allotted shares of Dalmia
OCL proportionately. Dalmia OCL should then be listed on stock
exchanges
3 Dalmia Bharat Refractories would be left with 5 Indian units, valued at Rs 1700 crore ,which are proposed to be sold / transferred to RHI Magnesita India.
Then Dalmia Bharat Refractories should be merged with RHI Magnesita India.
4 Shareholders of Dalmia Bharat Refractories be given shares of RHI Magnesita.
This way shareholders of Dalmia Bharat Refractories would get a fair value and they will also get an Exit option.
For details of the Original scheme now being amended by shareholders of Dalmia Bharat Refractories , please click the link -.
https://www.bseindia.com/xml-data/corpfiling/AttachLive/62279cca-2887-4e68-a632-bd1def8d9c23.pdf
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: The Blog writer in his / family names has holdings in this Company
So please make suitable " provisions " for any likely Over Optimism
NB
:All information given in good faith. Please recheck every point before
taking any investment decision. No responsibility with this Blog or
Blog Writer.
3 comments:
I don't think management will do that. Minority shareholders with more than 10% shares put together, have to approach NCLT.
Inofinity Sir You are right
can promoters vote for the resolution ? in such case , they will pass the resolution without any problem.
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