Jain Irrigation in talks with IFC for stake sale: Sources
Shares of Jain Irrigation surged higher after ET Now reported, citing sources, that the company is in talks with IFC for stake sale.
By ET Bureau | Updated:
MUMBAI: Shares of Jain Irrigation surged higher on Friday after ET Now reported, citing sources, that the company is in talks with International Finance Corporation ( IFC) for stake sale.
The company is looking to raise nearly Rs 250 cr via stake sale via preferential route. According to sources, placement to IFC is likely to be made around Rs 125 per share. IFC, which currently holds 1.71 per cent stake in the company, may buy additional 5 per cent stake via preferential route.
The management of Jain Irrigation has declined to comment on the story.
At 11:03 am, the stock was at Rs 84.75, up 6.47 per cent, on the NSE. It touched a high of Rs 85.40 and a low of Rs 79.60 in trade today.
The company is looking to raise nearly Rs 250 cr via stake sale via preferential route. According to sources, placement to IFC is likely to be made around Rs 125 per share. IFC, which currently holds 1.71 per cent stake in the company, may buy additional 5 per cent stake via preferential route.
The management of Jain Irrigation has declined to comment on the story.
At 11:03 am, the stock was at Rs 84.75, up 6.47 per cent, on the NSE. It touched a high of Rs 85.40 and a low of Rs 79.60 in trade today.
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