Jain Irrigation Systems Ltd updates on resolution plan approval and fund raising

The Board of Directors of Jain Irrigation Systems Ltd have taken on record Sanction Letter for restructuring of it's credit facilities received from lead bank i.e. State Bank of India and few other banks of consortium and reviewed expected progress to fully implement restructuring within next few weeks post receipt of Sanction from other banks and completion of various subsequent steps such as signing of Master Restructuring Agreement/ Creation of Security in favor of lenders and compliance of other condition precedents covered under the Resolution Plan. The Company expects to close this process as expeditiously as possible.

The Board has considered and approved to raise ~INR 270 Cr through issue of Ordinary Equity Shares and/or Equity Share Warrants on preferential allotment basis at a price determined by Securities Exchange of India (Issue of Capital and Disclosure Requirement) Regulations, 2018 as mandated by lenders and as part of the Resolution Plan which has been already approved by the lead bank i.e. State Bank of India and few other lenders.

The Board has considered and approved issue and allotment of 7,89,54,908 Ordinary Equity Shares to its Lenders on preferential allotment basis at a price and on terms as determined by Securities Exchange of India (Issue of Capital and Disclosure Requirement) Regulations, 2018 and/or RBI Circular on Stressed Assets dated 7" June, 2019 and any order applicable provisions, as a part of Resolution Plan.

Shares of Jain Irrigation Systems Ltd., was last trading in BSE at Rs. 35.05 as compared to the previous close of Rs. 33.4. The total number of shares traded during the day was 2960451 in over 3441 trades.

The stock hit an intraday high of Rs. 35.05 and intraday low of 32.9. The net turnover during the day was Rs. 103062749.

Source : Equity Bulls

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