Business Daily from THE HINDU group of publications
Wednesday, Mar 21, 2007
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Business Daily from THE HINDU group of publications Wednesday, Mar 21, 2007 ePaper |
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Corporate
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New Projects Rain Calcining gets nod for Rs 334-cr expansion Our Bureau
Hyderabad March 20 The board of directors of Rain Calcining Ltd has approved expansion of calcining capacity by 4,80,000 tonnes per annum with a greenfield expansion at Visakhapatnam at a projected cost of Rs 334 crore. The company in a notification to BSE has said that this expansion shall include a cogeneration facility to generate 49 MW of electricity. The proposed plant is expected to commence its operations in October 2008.
Share swap ratio
The company informed that the board today reviewed the reports by two independent professional valuers Ernst & Young and Grant Thornton on share swap ratio for merger with Rain Commodities. The board approved a share swap ratio of two Rain Commodities shares for every seven of Rain Calcining. The scheme of arrangement for amalgamation of the company with Rain Commodities Ltd will come into effect from April 1 and transfer of calcined petroleum coke (CPC) and power business from Rain Commodities Ltd to Rain Industries Ltd. These decisions are subject to approval by the shareholders and lenders of respective companies, High Court of Andhra Pradesh, stock exchanges and other regulatory authorities.
More Stories on : New Projects | Chemicals | Coke & Metalurgical Coke
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