Rain Ind’s arm sells stake in 2 firms

Rain CII Carbon LLC, a wholly owned step down subsidiary of Rain Industries, has completed the sale of its wholly owned subsidiaries – RUTGERS Polymers Ltd, Canada, and Handy Chemicals (US) – for ₹637.40 crore. 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 the subsidiary companies, it said. The consideration received from the sale will be utilised for repayment of debt and other general corporate needs of the company, it further said. Shares of Rain Industries closed 14 per cent higher at ₹144.20 on the BSE.