Dalmia Bharat Refractories Limited Unlisted Share

• Accelerate capital expenditure and expand manufacturing capacity
• Deploy larger budgets for research, development, and innovation
• Drive digital transformation across processes, supply chains, and customer service
• Strengthen its talent base and organizational capabilities
• Enhance global competitiveness and long-term customer partnerships

The consolidation also supports DBRL’s mission to become one of the most trusted refractory solution providers in India and abroad.

B) Share Swap Ratio (Amalgamation Benefit)

Under the approved share-swapping arrangement:

For every 100 shares held in Dalmia Refractory, shareholders received 768 shares of Dalmia Bharat Refractories Limited.

This favorable swap ratio reflects DBRL’s stronger balance sheet, higher growth prospects, and improved market positioning post-merger.

C) Valuation Report & Scheme of Amalgamation

The amalgamation was executed under a formal Scheme of Arrangement, backed by an independent valuation report assessing the relative strengths of all merging entities. The objective was to create:

• A unified capital structure
• Streamlined operations
• A stronger financial and operational platform
• Enhanced value for all stakeholders

DBRL Performance & Strategic Highlights – FY 2023–24

DBRL’s recent initiatives underline its commitment to expansion, sustainability, and long-term growth.

1. Divestment & Strategic Consolidation

• DBRL exited its German refractory business, sharpening its focus on core mag-carbon and allied products.
• Licensed operations of the Dalmia Bharat Sugar & Industries Limited plant in Salem, reinforcing the company’s “Make in India” manufacturing philosophy.

2. Expansion Through Acquisition

• Alongside Himadri Specialty Chemical Limited, DBRL successfully acquired Birla Tyre Limited under the Corporate Insolvency Resolution Process (CIRP).
• This acquisition opens up new diversification avenues in industrial solutions.

3. Proposed Acquisitions

DBRL plans to acquire:

• Dalmia Magnesite Corporation, and
• Its associated travel business

These transactions are currently awaiting approval from the National Company Law Tribunal (NCLT).

4. Strategic Investments for Future Growth

DBRL made selective long-term investments in various securities with the aim of:

• Strengthening financial resilience
• Ensuring sustained value creation for shareholders
• Building a future-ready capital allocation strategy

5. Mining & Critical Minerals Initiative

To support India’s future manufacturing and energy needs, DBRL participated in bids for critical minerals such as:

• Graphite
• Lithium

These initiatives align with the Government of India’s strategic mineral exploration policies and prepare DBRL for long-term sustainable growth.