Merrill Lynch Capital raises stake in Rain Commodities, India

Merrill Lynch Capital raises stake in Rain Commodities, India
Published: 02 September 2011

Indian cement maker Rain Commodities has said Merrill Lynch Capital Markets Espana SA SV has increased its stake in the firm by 0.71 per cent to 5.12 per cent through open market transactions for Rs 7.14 crore (US$1.56m).

In a stock exchange filing, Rain Commodities said Merrill Lynch Capital Markets Espana SA SV has acquired 25 lakh shares of the company from Bombay Stock Exchange, National Stock Exchange and Delhi Stock Exchange on August 26.

Merrill Lynch now holds over 1.81 crore equity shares in Rain Commodities, which markets ’Priya’ cement in Andhra Pradesh, Karnataka and Tamil Nadu.