Business Standard

Rain Calcining ties up CII buyout for $595mn

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BS Reporter Hyderabad
Rain Calcining, a subsidiary of Hyderabad-based calcined petroleum coke and power producer Rain Calcining, has completed its acquisition of CII Carbon (CII) for a cash purchase price of approximately $595 million on July 19, 2007. The cash purchase price is subject to certain adjustment.

Further, the company has informed that Rain Commodities (USA) Inc, a subsidiary of the company, has invested $92 million in convertible redeemable non-voting preferred stock in Rain Calcining in connection with the financing of the acquisition.

In a release issued to the Bombay Stock Exchange (BSE) today, the company said with the acquisition of CII it has become the largest manufacturer of calcined petroleum coke in the world.

 

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First Published: Jul 20 2007 | 11:28 AM IST

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