Rain Commodities acquires 73.56 pc in GLC Carbon

New Delhi, Feb 5: Rain Commodities today said it will acquire 73.56 per cent stake in the United States-based leading calcined petroleum coke producer GLC Carbon from Toronto's Great Lakes Carbon Income Fund for 437 million dollars in cash.

The company's 100 per cent subsidiary Rain Commodities (US) Inc already has 20.23 per cent equity interest in GLC Carbon. While 3.37 per cent of GLC Carbon company is held by by management, the remaining 2.84 per cent is in possession of a third party holder.

Rain Commodities (US) has entered into an agreement with the Toronto Stock Exchange-listed fund for the transaction as well as to purchase certain number of 16 per cent unsecured subordinated notes of the latter's wholly-owned subsidiary Huron Carbon ULC.

''The company has also agreed to complete the purchase of 3.37 per cent of ownership interest in GLC Carbon US from its management contemporaneously with the closing of the transaction as per the definitive agreement. Rain Commodities (US) Inc also intends to acquire the balance 2.84 per cent interest from the third party holder,'' a company statement said.

UNI