Rain Calcining and Rain Commodities shareholders approve Scheme of Arrangement

The shareholders of Rain Commodities Ltd at their Court Convened Meeting held on June 04, 2007, have approved the Scheme of Arrangement between the Company, Rain Calcining Ltd & Rain Industries Ltd.

The Shareholders of Rain Calcining Ltd at their Court convened Meeting held on June 04, 2007, have approved the Scheme of Arrangement between the Rain Commodities Ltd, the Company and Rain Industries Ltd.

The Extra Ordinary General Meeting (EGM) of Rain Commodities Ltd held on June 04, 2007, inter alia, have approved the following:

1. Re-classifying Rs 51 crores of Preference share capital in Authorised Share Capital into equity share capital.

2. Increased the borrowing powers of the Board of Directors to borrow up to Rs 1000 Crores

3. Authorised the Board of Directors of the Company to create Charge / mortgage / hypothecation on Assets in favour of the Banks & Financial Institutions for securing the amount not exceeding Rs 1000 Crores.

Source : Equity Bulls

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