Rain Commodities up 7% on acquisition of Rutgers

Shares of Rain Commodities , which is engaged in the production and sale of calcined petroleum coke, cement and co-generation of energy, gained nearly 7 percent in early trade on Tuesday after its subsidiary Rain CII Carbon has agreed to acquire Belgian based Rutgers.

The company acquired coal tar pitch manufacturer for 702 million euro or Rs 4900 crore that is over three times of its current market capitalisation of Rs 1,537 crore.

The transaction, which will be funded through a combination of internal cash accruals and issue proceeds of euro 533 million of long term bonds, is expected to close on October 1, 2013.

Rutgers manufactures high quality basic and specialty chemicals and has reported gross revenues of euro 831 million for the year ended December 31, 2011.
 
At 09:47 hours IST, the share was trading at Rs 43.40, up 5.21% after hitting a high of Rs 44 in early trade.

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