Rain Commodities subsidiary achieves financial closure for new cement plant

With reference to the earlier announcement dated October 19, 2006, wherein the Company had informed that, Rain Industries Ltd, a wholly owned subsidiary of the Company has undertaken brownfield expansion of its Cement Plant located at Kurnool, Andhra Pradesh by 1.50 Million tons per annum with a project cost of Rs 334 Crores, Rain Commodities Ltd has announced that the Rain Industries Ltd has achieved the Financial Closure for the Project, which will be funded by Rs 94 Crores from Internal Accruals and Rs 240 Crores by way of term loans from Banks and Financial Institutions.

The Expansion is expected to be completed by October 2007 and post expansion, the total cement (OPC) production capacity of Rain Industries Ltd will increase to 3 Million tons per annum of Ordinary Portland Cement (OPC) from October 2007 onwards.

The stock was trading at Rs.123.40, up by Rs.0.45 or 0.37%. The stock hit an intraday high of Rs.125 and low of Rs.123. The total traded quantity was 555 compared to 2 week average of 55415.

Source : Equity Bulls

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