Rain Inds surges 15% as arm completes sale of non-strategic subsidiaries

The Company has decided to divest the stake in these two non-strategic subsidiary companies, as a part of its strategy to achieve sustainable growth, create value for all stakeholders and reduce debt

Shares of Rain Industries surged 15 per cent on Friday to hit a 52-week high of Rs 146 on the BSE after the company announced that its arm had completed sale of non-strategic subsidiaries for Rs 637 crore. The company said the consideration received from the sale of two subsidiaries will be utilized for repayment of debt and other general corporate needs.

“Rain CII Carbon LLC., a wholly owned step down subsidiary of the Company has completed the sale of its wholly owned subsidiaries namely RUTGERS Polymers Limited, Canada and Handy Chemicals (U.S.A.) Limited for an aggregate cash consideration