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Five lakh shares traded in Rain Calcining
FE Investor Bureau
New Delhi, Dec 29: Rain Calcining, whose public issue devolved on the underwriters, has shot into limelight on the Mumbai Stock Exchange. A sudden spurt in activity in this counter saw over five lakh shares traded on December 23. Accompanied by an unusual jump in trading volumes the scrip saw a recent intra-day high of Rs 13.Since its listing on the BSE, the scrip has been unusually traded around or below par. The unsual activity in the Rain Calcining counter is interesting considering the fact the Hyderabad-based company has reportedly received the government nod for fresh infusion of foreign equity. On December 23, after seeing a high of Rs 13, the scrip closed at a lower level of Rs 10. On November 6, too, around 1.24 lakh shares were traded at a price of Rs 10.8. Since its listing, the scrip has been very thinly traded with daily average volumes in the range of 100-300, except for the occasional spurt. The company came out with a Rs 38-crore public issue at par in February 1997, which devolved on
underwriters despite high insitutional participation in the form of equity as well as debt. The IDBI appraised project at a total cost of Rs 281 crore was for setting up a 100 per cent EOU for the manufacture of 250,000 tpa of calcined petroleum coke and to generate an annual average of 41 MW of surplus electricity from the flue gases evolved during the processing, calcination and combustion of GPC. Now, the company is envisaging raising the proposed capacity of CPC to 3 lakh tonnes and power generation to 66 MW. The revised project cost is around Rs 350 crore with a high debt component of Rs 220.5 crore which is being raised from IDBI and IFC, Washington. RCL had sought permission to raise its present equity of Rs 110 crore to Rs 129 crore for meeting the balance project cost. The foreign equity will rise from the current Rs 82.5 crore to Rs 95.83 crore. Of the total foreign equity, Applied Industrial Material Corp will hold 5 per cent (Rs 6.47 crore), IFC 15 per cent (Rs 19.42 crore), Houston Engineering
25 per cent (Rs 32.37 crore), NRIs 21 per cent (Rs 27.19 crore) and NRI (non-repatriable) 8 per cent (Rs 10.36 crore).
Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.
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