Orient Bell has entered into an agreement with Ceramic Tile Manufacturing Company at Morbi (Gujarat) and its Promoters to acquire 26% equity stake.

The said company is setting up a new plant to manufacture about 5.2 million square meters of wall tiles per annum at Morbi (Gujarat) and likely to start Commercial Production by the end of March 2018.

This strategic stake will give complete access to the company in order to procure and sell the substantial quantity of tiles to be manufactured by the said company.

Shares of the company declined Rs 12.35, or 5.22%, to trade at Rs 224.20. The total volume of shares traded was 8,361 at the BSE (2.52 p.m., Thursday).