Jain Irrigation Systems allots 4,97,33,893 equity shares

A meeting of Securities Issuance Committee 2 of the Board of Jain Irrigation Systems Ltd was held on October 15, 2012 and considered and approved the fund raising proposal.

The Board approved issue and allotment of 4,97,33,893 Ordinary Equity Shares of Rs. 2 each All for cash at a premium of Rs. 78 each on preferential allotment basis to non promoters aggregating Rs. 397.87 crs and also approved issue and allotment of 3%, unlisted 4,000 FCCB's of USD 10,000 each due 2017 aggregating to USD 40 million.

The Company has received in an amount of $75 mn as long term (6-10 years) External Commercial Borrowings from IFC a part of World Bank Group and Others on October 15, 2012.

The Board approved amendment to Articles of Association of the Company pursuant to the Investment Agreements to give certain agreed rights to the Investors and recommendation to Shareholders for approval of the same in an EGM.

The Jain Irrigation Systems Ltd stock closed the day at Rs.73.30, up by Rs.0.75 or 1.03%. The stock hit an intraday high of Rs.74.40 and low of Rs.72.55.

The total traded quantity was 5.32 lakhs compared to 2 week average of 7.76 lakhs.

Source : Equity Bulls

Keywords