Rain divests stake in Petroleum Coke

Rain Commodities Limited, a city-based diversified firm having presence in cement and carbon products, has sold nearly 1.7 million shares held by its wholly-owned subsidiary Rain Commodities (USA) Inc in Petroleum Coke Industries to Kuwait-based Al-Mal Investment Company for a consideration of Rs 76.58 crore. With this, the company has divested its entire equity holding of 11.5 per cent in Petroleum Coke. It will utilise the amount realised from the sale for repayment of debt and other operational purposes.