Rain Commodities to merge Rain Ind
The board of directors of Rain Commodities Ltd at its meeting on Thursday has considered the proposal to amalgamate Rain Industries Ltd, a wholly owned subsidiary, with the company. The company has informed the stock exchanges that the board has authorised the Chairman & Managing Director to appoint legal counsel to formulate the scheme of amalgamation and present the same before the board of directors for its approval.
In another communiqué, the company said the board of directors of Rain Industries at its meeting on Thursday has allotted 3-lakh equity shares of Rs 10 each to the company.
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