India’s Rain Calcining Ltd said it had agreed to acquire US-based CII Carbon LLC. for $595 million in an all cash deal, making the combined entity the world’s largest maker of calcined petroleum coke.
Citi and India’s top private lender ICICI Bank Ltd. were financing the deal, the company said but did not give any further details. In a separate communication to the stock exchange, Rain said it would use proceeds worth $92 million, raised through an issue of preference shares to parent Rain Commodities Ltd, to part fund this acquisition.
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