The Hindu Business Line : Rain Industries allots NCDs

HYDERABAD: Rain Commodities Ltd announced that the board of directors of its wholly owned subsidiary, Rain Industries Ltd, at a meeting held on Thursday allotted 1,12,78,000 secured non-convertible redeemable debentures of Rs 100 each with 9.5 per cent coupon aggregating to Rs 112.78 crore in favour of Citicorp Finance (India) Ltd, a Citigroup company.

The proceeds have been utilised to settle and restructure loans of certain banks currently financing Rain Industries Ltd, the company informed stock exchanges. The investment was approved at a corporate debt-restructuring (CDR) meeting held on March 31 this year. The CDR also approved the reduction of interest rates on loans from 13 per cent per annum to 9.5 per cent.

Following the CDR restructuring exercise and Citicorp Finance (India) Ltd investment, Rain Industries aims to correct its balance sheet structure, reduce its cost of debt and position itself to address the growing opportunities in the cement market, the company said.

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