Rain Commodities Ltd has informed BSE that the Company has sold 17,250,000 shares (including 75,000 shares held by Rain Commodities (USA) Inc, a wholly owned subsidiary) held in Petrolcum Cokc Industries Company, Kuwait to AL-Mal Investment Company, Kuwait for a consideration of Rs 76.58 Crores. With this sale, the Company has divested its entire equity holding of 11.5% in Petroleum Coke Industries Company, Kuwait.
The Company will utilize the amount realized from sale of stake for repayment of Debt and other operational purposes.
The company buys back in India and simultaneusly sells its stake in Pet coke to AL-MAL investment company , Kuwait, what gulimal is this, I feel that there is some thing fishy of this whole deal, another Satyam in the making from Andhra Pradesh, these reddy`s are real ........
I agree with Baldy here. Based on the company`s latest balance sheet, looks like the company has made about 50 crs profit from sale of the Kuwait company stake. At the same time, they will not be doing any buy-back, as legally they are not permitted considering that share price is above the maximum permitted buyback price of Rs.127. I hope they declare a special dividend from the profit.
| NIFTY 
