Jain Irrigation Systems Ltd.
CORPORATE Shareholders approve Rs.1100 crore Jain Irrigation’s Fund Raising Oct 3, 2012 Jalgaon : At the Extraordinary General Meeting of Jain Irrigation Systems Ltd. held on 1st October 2012, the shareholders accorded approval to the Company’s fund raising exercise. The Company is raising Foreign Currency Convertible Bonds aggregating US$ 55 million (approx. Rs.3055 million); Equity Shares amounting to US$ 73 million (approx Rs.4050 million and LIBOR linked External Commercial Borrowing (ECB) of US$ 75 million (approx Rs.4165 million). Addressing the shareholders at the EGM, Shri Anil Jain, Managing Director and Chief Executive Officer of the Company said that these funds amounting to Rs.1100 crores will flow in within the next two weeks. He said that the Company is paying nearly Rs.400 crores annually by way of interest and this fund raising exercise will reduce the annual interest outgo by around Rs.80 crore. He added that looking at the special ...