Rain Calcining Ltd. shares Monday climbed 20% to a high of Rs 42.50 on the company’s subsidiary Rain/CII Holdings acquiring CII Carbon for $595 million.
The Bombay Stock Exchange counter clocked a volume of 2.05 lakh shares in trade so far, against the two week average of 3.64 lakh.
Rain Commodities USA, a subsidiary of Rain Commodities Ltd., is expected to invest $92 million in convertible non-voting preferred stock in Rain/CII Holdings to finance the acquisition, which is expected to be completed by June end.
The shares of Rain Commodities too surged 15.31% to Rs 141.25. They rose to a high of Rs 147, with volume of 1.56 lakhs shares on the BSE.
The combined entity will be better placed to supply the aluminum and titanium dioxide industries worldwide.
Read more in The Economic Times article.
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