The company made the announcement aftere market hours on Wednesday, 10 July 2013.
Meanwhile, the BSE Sensex was up 358.84 points, or 1.86%, to 19,652.96.
On BSE, 3.36 lakh shares were traded in the counter compared with average volume of 4.46 lakh shares over the past two weeks.
The stock hit a high of Rs 52.75 and a low of Rs 51.10 so far during the day.
Jain Irrigation Systems has sought shareholders approval through postal ballot process for the proposed sale of wind power undertaking of the company.
The transaction when completed shall result in reduction of foreign currency debt of $10.5 million from the books of the company, the company said in a statement.
The wind mill business contributed only 0.3% to the overall revenue of the company in the 2012-13 fiscal.
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The company aims to sell its wind mills by next month post shareholders approval, it added.
In 2009, Jain Irrigation invested in commissioning 8 wind turbine generators (1.65 megawatts each) in Tamil Nadu. Commercial production started in August 2009. The wind power generation business includes 8 wind turbine generators, 28.5 acres of land in Tamil Nadu and other ancillary equipments.
Net profit of Jain Irrigation Systems declined 75.80% to Rs 41.90 crore on 0.20% fall in net sales to Rs 1209.15 crore in Q4 March 2013 over Q4 March 2012.
Jain Irrigation Systems is a diversified company with a product portfolio encompassing irrigation products, piping products, plastic sheets, dehydrated foods, fruit puree and juice concentrates. Jain Irrigation has pioneer drip irrigation for small farmers in India and has a major market share in one of the fastest growing irrigation markets in the world and is also the second largest drip irrigation company in the world.
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