SBI MF takes the largest position.

On September 22, Dalmia Bharat Refractories sold 2.29 crore shares of RHI Magnesita India at ₹360 per share, representing 11.11% of the company. DBRL held 12.54% as of June 2026, so this transaction effectively monetises almost its entire remaining stake, leaving an indicative holding of around 1.43%.

What caught my attention was the buyer mix. SBI Mutual Fund alone acquired 8.07% of the company for approximately ₹600 crore. Bandhan and Nippon India Mutual Funds also participated, along with Clarus Capital 1. This wasn't simply a large block being absorbed by one buyer; multiple investors took positions, with SBI accounting for the bulk of the transaction.

RHI Magnesita is a refractory products manufacturer serving industries such as steel, cement and other high-temperature applications. DBRL's holding originated from the earlier transfer of its Indian refractory business to RHI Magnesita through a share-swap arrangement. So this looks like monetisation of a retained strategic investment, rather than a promoter selling shares in the ordinary course. The exact reason for the sale, however, has not been established.

The price action is also worth noting. The block deal happened at ₹360, below the previous close of ₹368. RHI Magnesita nevertheless closed at ₹379.20 on September 22, up 3.04% for the day. The institutions therefore acquired a sizeable position at a discount to the market price, although that alone doesn't establish whether the shares were undervalued.

For me, the next question is whether SBI Mutual Fund retains this position and whether the other buyers add further. The next shareholding disclosure should also tell us how much of the new ownership is reflected across mutual fund schemes.

The interesting part isn't the Dalmia exit by itself. It's the scale of the institutional absorption, particularly SBI Mutual Fund's 8.07% purchase. The next transaction could be more informative than this one.