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Friday, Nov 17, 2006

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Corporate - Preferential Allotments
Rain Commodities to raise funds

Our Bureau

Hyderabad, Nov. 16

The shareholders of Rain Commodities Ltd at an extraordinary general meeting held on Thursday have approved the proposals to increase the company's authorised share capital and raise funds through issue of securities. The company has informed the stock exchanges that the shareholders approved increase in authorised share capital from Rs 37 crore to Rs 167 crore.

The shareholders also authorised the board to issue and allot up to 68 lakh equity warrants convertible into equity shares at a price of Rs 200 (at a premium of Rs 190 premium on a share of Rs 10) on preferential basis to Focus India Brands Pvt Ltd. Further, the company said the EGM has also approved issue of securities under qualified institutions placement (QIP) to qualified institutional buyers for an amount not exceeding Rs 340 crore.

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