Jain Irrigation raises Rs 54 crore via FCCBs
Jain Irrigation Systems Ltd said it has raised $10 million (Rs 54 crore) through private placement of Foreign Currency Convertible Bond (FCCB).
By PTI | Updated:
NEW DELHI: Jain Irrigation Systems Ltd today said it has raised $10 million (Rs 54 crore) through private placement of Foreign Currency Convertible Bond (FCCB).
In a filing to the BSE, the company said the Issuance Committee of the Board of Directors has approved allotment of 1,000 FCCBs with a par value of $10,000 each.
In October 2012, the shareholders had approved issue of 5,500 FCCBs of $10,000 each aggregating to $55 million.
The Security Issuance Committee decided to allot 1,000 FCCBs and also close the issue of FCCBs with immediate effect.
The maturity of the bond will be in 2018 and the coupon rate is 3 per cent per annum.
The company manufactures drip and sprinkler irrigation systems, solar water heating systems and agro-processed products, among others.
The company's scrip rose by 2.27 per cent to Rs 67.50 at 1400 hours on the BSE.
In a filing to the BSE, the company said the Issuance Committee of the Board of Directors has approved allotment of 1,000 FCCBs with a par value of $10,000 each.
In October 2012, the shareholders had approved issue of 5,500 FCCBs of $10,000 each aggregating to $55 million.
The Security Issuance Committee decided to allot 1,000 FCCBs and also close the issue of FCCBs with immediate effect.
The maturity of the bond will be in 2018 and the coupon rate is 3 per cent per annum.
The company manufactures drip and sprinkler irrigation systems, solar water heating systems and agro-processed products, among others.
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The company's scrip rose by 2.27 per cent to Rs 67.50 at 1400 hours on the BSE.
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