IFGL Refractories (IFGL), an iron and steel refractory manufacturer has informed that it has acquired 96.16% stake in Germany-based Hofmann Ceramic Gmbh for Euro 7 million.

Under the deal, IFGL has acquired its subsidiaries, Hofmann Ceramic CZ, Czech Republic and Hofmann Ceramics, UK. The company has also bought 100% stake in Hofmann OHG, Germany.

Hofmann entities are predominantly engaged in the manufacture of Ceramic Filters and other refractories for the foundry industry. The combined turnover of Hofmann entities is euro 13.67 million.

The deal has been executed through IFGL's UK step-down subsidiary Monocon International Refractories Ltd.

The acquisition of Hofmann entities will enable IFGL and its subsidiaries in Brazil, China, UK and USA, to diversify and serve the foundry industry.

IFGL shares touched a high of Rs 55 on the NSE after the news. It ended the day at Rs 52, up Rs 5 or 11% over the previous close.