Jain Irrigation to raise USD 75 mn via FCCBs

Jain Irrigation Systems plans to raise up to USD 75 million through foreign currency convertible bonds (FCCBs) mainly for redemption of existing bonds.
In a filing to the BSE, the company said that a sub committee of the Board of Directors, in its meeting held today, approved "issue of FCCBs up to USD 75 million to non-promoter entities".
The shareholders approval will be sought at an extraordinary general meeting (EGM) on March 24 for "issue of FCCBs up to USD 75 million to non-promoter entities for redemption of FCCB's worth USD 50 million issued in 2012/2013 and balance USD 25 million fresh issue for permitted use", the company said.

The Jalgaon-based Jain Irrigation is into manufacturing of micro-irrigation systems, PVC and HDPE pipes, plastic sheets, agro-processed products, renewable energy solutions, tissue culture plants, financial services and other agricultural inputs.