The promoters of Orient Refractories Ltd have entered into an agreement with Dutch US Holding B.V. Netherlands to sell 5.24 crore shares, which is 43.62 per cent stake of the total paid-up equity of the company. The promoters will offload shares at Rs 43 each, the company said in a release to the Bombay Stock Exchange..
Shares of Orient Refractories, however, tumbled 6.1 per cent to close at Rs 36.95 on the BSE.
At the end of September 2012, promoters held 48.61 per cent stake in the company.
Orient Refractories is a refractory and monolithic product maker and caters primarily to the iron and steel industry.
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