Jain Irrigation allots 75 lakh scrips to promoters for Rs 65cr

Jain Irrigation Systems today alloted 75 lakh shares to promoters for Rs 64.72 crore upon conversion of equity warrants.
In September 2012, the company had issued 75 lakh equity warrants to promoters at a price of Rs 86.30 each with exercise of option to convert the warrants into equity shares of Rs 2 each.
In a filing to BSE Jain Irrigation today said, "Directors met on March 20, 2014 and alloted 75,00,000 ordinary equity shares of Rs 2 each at a issue price (including premium) of Rs 86.30 per share arising out of exercise of option attached to 75,00,000 Equity Warrants of Rs 86.30 each issued on September 21, 2012."

The warrants have been converted into equity shares at the last day of stipulated time of 18 months.
As on December 30, promoters had 27.46 per cent stake in the company.
The company manufactures drip and sprinkler irrigation systems, solar water heating systems and agro-processed products, among others.
Shares of the company today fell 2.02 per cent and closed at Rs 58.10 apiece on BSE today.