Cement producer Rain Commodities today said it has sold its entire stake in a Kuwait-based firm Petroleum Coke Industries Company for Rs 76.58 crore, fuelling a surge of over 14 per cent in its share price on the BSE.
"The company has sold 17.25 crore shares held in Petroleum Coke Industries Company to AL-Mal Investment Company for a consideration of Rs 76.58 crore" Rain Commodities said in a filing to the Bombay Stock Exchange (BSE).
"The company will utilize the amount realized from the sale of stake for repayment of debt and other operational purposes," Rain Commodities said.
With this sale, the company has divested its entire holding of 11.5 per cent in Petroleum Coke Industries Company, it added.
The sale of 17.25 crore shares also includes 75,000 shares of the company's US subsidiary Rain Commodities (USA), the Hyderabad-based cement maker said.
Shares of Rain Commodities jumped 14.47 per cent to end the trade at Rs 132.15 on the BSE.
More From This Section