Jain Irrigation Systems updates on subsidiary

Sustainable Agro commercial Finance raises Rs 112 crore in tier 1 and tier 2 capital

Jain Irrigation Systems (JISL) announced that Sustainable Agro commercial Finance (SAFL) , a NBFC and subsidiary of the Company has successfully raised funds consisting of tier 1 and tier 2 capital aggregating Rs.112 crore, in a mix of Equity Shares at premium(Rs.42 crore) and long tenure debt (6 yrs) in form of 10% unsecured Non Convertible Listed Debentures (Rs.70 crore).

This has raised the tier 1 and tier 2 capital of the SAFL to Rs. 208 crore. This fund raising will help SAFL to grow substantially in next few years, as it had no debt prior to the above transaction. SAFL has so far served over 15,000 farmers since its inception in 2012 and it continues to pursue its growth plans.

The investment has been made by Mandala Capital AG Limited (Mandala) a UK based entity focused on agri business in South East Asia. Post the investment Mandala holds 20% of the capital of SAFL while JISL's shareholding has come down to 49% as was originally planned at start of SAFL's operations in 2012.

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