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Dalmia Cement to sell its equity stake in Dalmia Bharat Refractories

2023-04-01

Apr. 1, 2023 - Dalmia Bharat Limited said on Mar. 26, 2023 that its wholly-owned subsidiary Dalmia Cement (Bharat) has entered into a binding agreement to sell its entire investment in its associate company Dalmia Bharat Refractories Limited to Sarvapriya Healthcare Solutions Private Limited (Sarvapriya).


Dalmia Cement (Bharat) will sell its entire investment of 1,87,23,743 Equity Shares of Rs 10 each (42.36 percent of share capital) of Dalmia Bharat Refractories to Sarvapriya Healthcare for Rs 800 crore. Sarvapriya Healthcare Solutions Private Limited is a promoter group Company.”


In a regulatory filing, Dalmia Bharat said, “In line with its strategy to exit non-core business/investment and pursuant to the approval granted by its Board of Directors in its meeting held on March 25, 2023, Dalmia Cement (Bharat) Limited (DCBL), a material wholly owned subsidiary of the Company, has entered into a binding agreement to sell its entire investment of 1,87,23,743 equity Shares of Rs. 10 each (42.36 percent of share capital) of Dalmia Bharat Refractories Limited (DBRL), an associate company, at a consideration of Rs. 800 cr. to M/s Sarvapriya Healthcare Solutions Private Limited (Sarvapriya), a promoter group Company.”


The decision is in line with the company's "strategy to exit non-core business", and was pursuant to the approval given by the board of directors of Dalmia Bharat on March 25, it added.


The transaction will be consummated on or before April 25, 2023, the company noted. Out of the total payment of Rs 800 crore, 20 percent will be paid to Dalmia Cement on the date of consummation.


Out of the pending amount, 40 percent would be paid in the form of non-convertible debentures (NCDs) redeemable on or before December 31, 2023, and the remaining 40 percent in the form of NCDs that will be redeemable on or before December 31, 2024, the regulatory filing said.


The NCDs will carry a coupon of 8.5 percent per annum, payable quarterly, it further added.

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