Rain Commodities shines as its arm executes SPA with Triton to acquire 100% stake in RUTGERS

22 Oct 2012

Rain Commodities is currently trading at Rs. 43.80, up by 0.60 points or 1.39% from its previous closing of Rs. 43.20 on the BSE.

The scrip opened at Rs. 43.85 and has touched a high and low of Rs. 44.20 and Rs. 43.35 respectively. So far 18,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 48.30 on 04-Oct-2012 and a 52 week low of Rs. 27.05 on 15-Dec-2011.

Last one week high and low of the scrip stood at Rs. 44.60 and Rs. 42.50 respectively. The current market cap of the company is Rs. 1,530.00 crore.

The promoters holding in the company stood at 43.72% while Institutions and Non-Institutions held 30.32% and 25.96% respectively.

Rain Commodities wholly owned step-down subsidiary, Rain CII Carbon LLC (Rain CII), has agreed to acquire RUTGERS N.V. (RUTGERS), a Belgium headquartered Coal Tar Pitch (CTP) manufacturer, from funds advised by Triton (Triton). The company has executed share purchase agreement (SPA) on October 21, 2012 with Triton to acquire 100% stake in RUTGERS for gross enterprise value of 702 million euro. The transaction is expected to close in the first quarter of 2013; subject to the regulatory approvals and customary closing conditions.

Rain CII is planning to fund the transaction through a combination of internal cash accruals and issue proceeds of 533 million euro of long term bonds. Citigroup Global Markets Inc. is acting as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal advisor to Rain CII. Goldman Sachs AG is acting as financial advisor and Freshfields Bruckhaus Deringer LLP is acting as legal advisor to Triton.

Rain Commodities is engaged in the business of manufacturing cement, Calcined Petroleum Coke (CPC) and power. The company is the largest producer of CPC with a production capacity of 2.49 million tonnes per annum (MTPA). Under the cement, the company has created brand namely Priya Cement.

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Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323