Dalmia Bharat Refractories – Divests 11.1% Stake in RHI Magnesita for ₹826 Cr

Expert Analysis:

• Dalmia Bharat Refractories sold 2.29 Cr shares, representing an 11.1% stake in RHI Magnesita India, through a block deal at ₹360 per share, generating ₹825.88 Cr.

• The stake sale represents a substantial portion of Dalmia Bharat Refractories’ 12.54% holding as of June 2026, leaving it with a significantly smaller stake in RHI Magnesita India.

• The entire block was absorbed by institutional investors: SBI Mutual Fund bought 8.07%, followed by Bandhan MF at ~1.34%, Nippon India MF at ~1.2% and Clarus Capital at ~0.5%.

• The transaction provides ₹826 Cr of liquidity to Dalmia Bharat Refractories, while the institutional participation indicates strong demand for RHI Magnesita shares at the negotiated ₹360 price. RHI Magnesita's stock subsequently closed 3.04% higher at ₹379.20 on September 22.