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Hyderabad , Sept. 8

CASHING in on the bullish market conditions and close on the heels of offloading its stake in various Indian companies, International Finance Corporation (IFC), Washington, has sold 26.58 lakh equity shares of Rain Calcining Ltd (RCL), the Hyderabad-based Rs 333-crore calcined petroleum coke and power producer.

IFC was holding 1.94-crore equity shares of Rain Calcining, amounting to 15 per cent of RCL's paid-up equity of Rs 129.48 crore as on June 30, 2003.

In a communiqué to stock exchanges on Monday, RCL said it was informed by IFC on Friday on the sale of shares. IFC has sold 26,58,257 equity shares of Rs 10 each equivalent of 2.05 per cent of shareholding in RCL. Subsequent to this, the holding of IFC has come down to 1.67-crore equity shares, constituting to 12.95 per cent, RCL informed the stock exchanges.

Of RCL's Rs 129.48-crore equity, the Indian promoters hold 25.48 per cent and foreign promoters 29.79 per cent. As on June 30, the total foreign holding in the company, including GDRs, amounted to 70.23 per cent. IFC was holding 15 per cent stake under the category of foreign institutional investors (FIIs), while Asian Financial Investment Corporation Ltd was holding 1.08 per cent under the same category. North American Investments and Holdings has an equity holding of 13.32 per cent under the category of Indian promoters, while Houston Industries Energy-Rain Inc was holding 24.79 per cent and Applied Industrial Materials Corporation was holding five per cent under the foreign promoters category.

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