Rane Holdings will hold a meeting of the Board of Directors of the Company on 6 February 2020.

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Rane Holdings announced that pursuant to preferential issue of warrants made by Rane (Madras) (subsidiary of the company), the company has on 18 December 2019 acquired 17,42,160 warrants of face value Rs. 10 each on payment of Rs. 12.50 crore being warrant subscription price at 25% of issue price, convertible in one or more tranches into 17,42,160 equity shares of Rs 10 each, at ain issue price of Rs 287 per share (including premium of Rs 277 per share) at the time on or expiry of 18 month from the date of allotment of the said warrants.

The company will acquire 4.88% stake assuming conversion of entire warrants into equity share capital taking its total shareholding in Rane (Madras) to 66.52%.

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Rane Holdings announced that ICRA has reaffirmed long term rating to Rs.50 crore bank facilities at [ICRA] AA- (pronounced as ICRA double A minus) with outlook as 'stable' and withdrawn rating assigned to Rs.10 crore Commercial Paper (CP) at [ICRA]A1+ (pronounced as ICRA A one plus] on the request of Company.

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Net loss of Rane Holdings reported to Rs 8.58 crore in the quarter ended September 2019 as against net profit of Rs 30.84 crore during the previous quarter ended September 2018. Sales declined 18.08% to Rs 506.12 crore in the quarter ended September 2019 as against Rs 617.82 crore during the previous quarter ended September 2018.

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