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Rain Industries stocks surge nearly 5% as Pabrai Investment Funds up stake in specialty chemicals producer
Pabrai Investment Funds has increased stake in Rain Industries from 5.95 per cent to 8 per cent.
Pabrai Investment Funds has increased stake in Rain Industries from 5.95 per cent to 8 per cent. Pabrai Investment Funds on Monday bought 2.05% stake in Rain Industries, one of the world's leading producers of calcined petroleum coke and other high-quality basic and specialty chemicals, via open market transactions. This was intimated by Rain Industries to the exchanges via a filing on Monday.
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"We bring to your kind notice that we have received intimation, under Regulation 29 of SEBI, from Pabrai Investment Fund along with persons acting in concert with them, with respect to acquisition of shares of the Company," said the specialty chemical producer in a BSE filing on December 6.
After the acquisition, shares carrying voting rights acquired by Pabrai Investment Funds in Rain Industries stood at 26,915,656, showed company's filing to the BSE.
Earlier, the NSE had announced inclusion of Rain Industries in the Futures & Options (F&O) segment with effect from December 31, 2021.
Meanwhile, shares of Rain Industries reacted positively to the development as the stocks surged nearly 5 per cent to Rs 220.90 per share on BSE in Tuesday's intraday trade.
Rain Industries stocks surged to 52-week high of Rs 272.90 per share on August 2, 2021 and touched the one-year low figure of RS 110.60 on December 21 last year.
Rain Industries Limited (RAIN) is one of the world's leading producers of calcined petroleum coke, coal tar pitch and other high-quality basic and specialty chemicals.
"The group continues to grow through capacity expansions, and mergers and acquisitions across the world. RAIN operates in three key business verticals: carbon, chemicals and cement," divulges company's details on the official website
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