Rain CII Carbon LLC completes sale of subsidiaries for Rs. 637.4 crore

Rain CII Carbon LLC., a wholly owned step down subsidiary of Rain Industries Ltd has completed the sale of its Wholly Owned Subsidiaries namely RUTGERS Polymers Limited, Canada and Handy Chemicals (U.S.A.) Limited for an aggregate cash consideration of Rs. 6,374 Million.

As a part of its strategy to achieve sustainable growth, create value for all stakeholders and reduce debt, the Company has decided to divest the stake in these two non-strategic subsidiary companies, which are engaged in manufacturing and distribution of Polynaphthalene Sulfonates, under Product-Group Naphthalene Derivates, in Advanced Materials business segment.

The consideration received from the sale of above two subsidiaries will be utilized for repayment of debt and other general corporate needs of the Company.

Shares of Rain Industries Ltd was last trading in BSE at Rs.126 as compared to the previous close of Rs. 127. The total number of shares traded during the day was 191424 in over 2589 trades.

The stock hit an intraday high of Rs. 132.8 and intraday low of 125.9. The net turnover during the day was Rs. 24543110.

Source : Equity Bulls

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