Jain Irrigation hits three year low
The board of directors of the company has decided to issue 7.5 million equity warrants to its promoters.
Jain Irrigation Systems has tanked 8% to Rs 67.80, its lowest value since April 2009 on the National Stock Exchange (NSE).
The stock of Asia’s biggest irrigation-equipment maker is under pressure, falling 22% in past eight trading sessions from Rs 86.60 after Columbia Acorn International sold part of its holding via open market transaction.
On August 16, 2012 Columbia Acorn International sold 2.17 million shares of Jain Irrigation at Rs 81.36 on the NSE, and offloaded 1.99 million shares at Rs 80.62 on the BSE through bulk deal. As on June 30, 2012 Columbia Acorn International held 11.16 million shares in the company.
Meanwhile, the securities issuance committee of board of directors of the company on August 27, decided to issue 7.5 million equity warrants to its promoters.
The stock opened at Rs 74.10 and hit a high of Rs 75 on the NSE. A combined 8.13 million shares have changed hands on the counter so far on both the exchanges.