Rain Commodities Ltd has announced that the Board of Directors of the Company at its meeting held on March 17, 2010, has reviewed and approved the following Corporate Restructuring of the Company and its Wholly Owned Subsidiaries:
The Board has consider to hiving-off the Cement Operations to a Wholly Owned Subsidiary to enable possible induction of Joint Venture Partners in the future and/or to pursue value-accretive acquisitions.
The Board has also consider to Create Global Holding Company in USA for the Calcined Petroleum Coke (CPC) business to enable raising of equity funds, through an IPO, for general corporate uses and/or repayment of Debt.
Subject to the approval of Lenders, Shareholders, Regulators and Hon'ble High court of Andhra Pradesh, the proposed Corporate Restructuring would be implemented through a Scheme of Arrangement under Section 391 and 394 of the Companies Act, 1956.
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