Rain ups bid for GLC Carbon Fund to $C13.25 per share

New Delhi, Mar 12 (UNI) Rain Commodities today raised its bid to acquire all the assets of Great Lakes Carbon Fund to 13.25 Canadian dollars per unit, topping the 13 Canadian dollars bid by a US company.

The company's arm Rain Commodities (USA) Inc last month made 11.60 Canadian dollars per unit bid offering 437 million Canadian dollars to acquire the remaining 80 per cent of the Great Lakes Carbon Fund.

The bid also consisted 73.56 per cent ownership interest in GLC Carbon USA Inc and certain unsecured subordinated notes of Huron Carbon ULC, a wholly-owned subsidiary of GLC Carbon USA.

GLC Carbon USA is the world's largest producer of calcined petroleum coke (CPC).

Rain Commodities (USA) Inc currently holds a 20.23 per cent ownership interest in GLC Carbon USA.

The anticipated closing of the proposed transaction continues to be on or about March 29, 2007, the company said.

The shareholders of the company will meet on March 22 to approve the proposed transaction. The target for wind up of the Fund continues to be March 22, 2007, it added.

Rain Commodities operates in the CPC space through Rain Calcining Ltd, Asia's largest producer of anode and industrial grade CPC.

Considering the growing demand for CPC in the Indian market, the company has also decided to set-up a greenfield CPC plant with a capacity of 240,000 tonnes per annum, along with a co-generation power plant of 25 MW in Visakhapatnam, Andhra Pradesh in the next 18 months.

UNI