The Board of Dalmia Bharat Sugar and Industries Limited agreed to Spin-Off unknown stake in Dalmia Bharat Refractories Limited on June 28, 2023. As per the terms, Dalmia Bharat Sugar and Industries Limited will demerge its DMC unit and GT unit in Dalmia Bharat Refractories Limited, and distribute Dalmia Bharat Refractories shares to its shareholders. For every 39 shares of Dalmia Bharat Sugar and Industries, one share of Dalmia Bharat Refractories will be issued.

The Scheme is subject to necessary statutory and regulatory approvals including the approval of National Company Law Tribunal.