Rain Calcining merges with Rain Commodities
Rain Commodities Ltd has merged Rain Calcining Ltd, while the cement business of Rain Industries is transferred to it, as per a scheme of amalgamation approved by the Andhra Pradesh High Court.
The company has informed the BSE that its board of directors at the meeting on November 23 took on record the High Court order dated October 25 approving the Scheme of Arrangement.
Rain Commodities Ltd has filed the certified true copy of the Court Order with the Registrar of Companies on November 23. As per the arrangement effective from that date Rain Calcining Ltd stands amalgamated with the company, cement business is transferred from Rain Industries Ltd (wholly owned subsidiary) to the company and Calcined Petroleum Coke (CPC) and power business is transferred from the company to Rain Industries Ltd.
Further, Mr N. Jagan Mohan Reddy has been appointed as Managing Director and Mr N. Sujith Kumar Reddy as Executive Director of the company effective from November 24.
