Jain Irrigation Systems Ltd (JSPL) today approved the raising of about Rs 610 crore through a combination of preferential issue and foreign currency bonds.
The company has approved a preferential issue of 4.97 crore shares of Rs 80 each to non-promoters to raise about Rs 398 crore and raising $40 million (around Rs 211.76 crore) through FCCBs.
The company also said that it has received $75 million (about Rs 397 crore) as a long term loan from International Finance Corporation (IFC) and others.
In a communique to the BSE, JSPL said the company has approved the "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 crore."
It has been approved by the Securities Issuance Committee 2 of the board of the company today, it added.
Issue and allotment of 3% unlisted Foreign Currency Convertible Bonds (FCCBs) of $10,000 due 2017 aggregating to $40 million have also been approved by the company, the filing said.
"The company has received in an amount of $75 million as long term (6-10 years) External Commercial Borrowings (ECB) from IFC, a part of World Bank, and others today," it added.
Last month, the company had said it plans to raise around $200 million (about Rs 1,100 crore) by issuing shares and other securities to IFC, Rabo bank and others to strengthen the balance sheet and reduce interest costs.
The Jalgaon-based company manufactures drip and sprinkler irrigation systems, besides agro-processed products like dehydrated vegetables and fruits.
JSPL scrip was trading at Rs 75.10, up 2.46% from its previous close at the BSE.
