Rane Holdings has acquired 1,61,440 equity shares of Rs. 10/- eachfully paid up (3.10%) in its subsidiary Rane (Madras) (RML) arising on conversion of balance outstanding 11,61,440 warrants out of the 17,42,160 warrants into underlying equity shares. The overall shareholding of the company in RML stands increased to 91,22,838 shares (66.52%).

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Rane Holdings will hold a meeting of the Board of Directors of the Company on 9 February 2021.

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Rane Holdings has re-affirmed the below rating(s) in respect of Rs.100 crores bank lim¡ts:

i. Long term rating of [CRA] AA- (pronounced as ICRA double A minus) with outlook as 'stable'; and

ii. Short-term rating of [ICRA] A1 + (pronounced as ICRA A one plus).

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The Board of Rane Holdings at its meeting held on 17 December 2020 approved further investment in its subsidiary, v¡z, Rane (Madras) (RML), up to Rs 60 crore, by way of subscription to equity shares and/or convertible securities (warrants), as part of the fund raising plans of RML. The investment is however, subject to approval of Board of Directors / Committee of RML.

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