Jain Irrigation Systems has moved higher by 4% to Rs 76.10 on back of heavy volumes after the company said it has received $75 million as long term (6-10 years) external commercial borrowings from IFC a part of World Bank Group and others on October 15, 2012.
Meanwhile, the board of directors approved fund raising plans by issuing 49.73 million 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 crore, Jain Irrigation Systems said in a filing.
The board also approved issue 3%, unlisted 4,000 foreign currency convertible bonds (FCCB's) of $10,000 each due 2017 aggregating to $ 40 million, it added.
The stock opened at Rs 73.75 and hit a high of Rs 76.90 on the BSE. A combined 13.81 million shares have already changed hands on the counter so far against sub 3.5 million shares that were traded daily in past two weeks on both the exchanges.