Held on 06 November 2014
Rain Industries announced that the Board of Directors of the Company at its meeting held on 06 November 2014, inter alia, has approved the following:1. Declared an Interim dividend of Rs.1.00 per equity share (i.e., 50% on a face value of Rs.2/- per equity share fully paid up) for the Financial Year ending on 31 December 2014;
2. Appointed Radhika Haribhakti as an Additional Director (Independent Woman Director) w.e.f. 06 November 2014.
3. In order to enhance its foot print in Renewable Energy, Rain Group, through Rain Cements (RCL), a wholly owned subsidiary, is evaluating the possibility of setting up a 22 MW of Solar Power Plant in Anantapur District of Andhra Pradesh. Considering that RCL already possess suitable land for setting up a Solar Power Plant in Anantapur District, RCL participated in the bids invited by Southern Power Distribution Company of Andhra Pradesh & Eastern Power Distribution Company of Andhra Pradesh and have been qualified in the evaluation process. Post completion of detailed site verification and technical evaluation, RCL will execute Power Purchase Agreement. The estimated total capital expenditure for this project would be Rs. 140 crore.
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