Jain Irrigation issues 6.1 mn warrants to promoters

Jain Irrigation today announced it would issue 61,00,000 equity warrants to its promoters and their entities for Rs 139.17 crore.

The equity warrants would be issued at Rs 228.15 each to two promoters -- Anil B Jain and Atul B Jain -- and also to their company Jain Brothers Industries, the company said in a filing to the Bombay Stock Exchange (BSE).

The shareholders had approved the decision on March 9 during the Extraordinary General Meeting. The board's sub-committee finalised the allotment of equity warrants yesterday.

The company said it has already received 25% of the equity warrants, which comes out to Rs 34.79 crore, from promoter group individuals and their company.

Warrants can be converted into one ordinary equity share of nominal value of Rs 2 each, it said, adding that the they would have to be converted within 18 months from the date of allotment.

Jalgaon-based Jain Irrigation Systems manufactures drip and sprinkler irrigation systems and components, PVC and PE piping systems, greenhouses, bio-fertilisers, solar water heating systems, wind hybrid energy and photovoltaic system.

It also processes dehydrated, concentrated and frozen fruits and vegetables.

Share of the company closed at Rs 188.50 on the BSE, up by 1.07% from the previous day.