Jain Irrigation gets nod to raise USD 75 mln via FCCBs

Jain Irrigation Systems today said its shareholders have approved the company's plans to raise up to USD 75 million by issuing foreign currency convertible bonds (FCCBs).
The shareholders gave approval to the special resolution at the extra-ordinary general meeting held today.
The shareholders have approved for "issue of FCCBs up to USD 75 million to non-promoter entities for redemption of FCCB's worth USD 50 million issued in 2012/2013 and balance USD 25 million fresh issue for permitted use," the company said in a regulatory filing.
Last month, the company had announced the plans to raise up to USD 75 million for redemption of existing bonds.

The Jalgaon-based Jain Irrigation is into manufacturing of micro-irrigation systems, PVC and HDPE pipes, plastic sheets, agro-processed products, renewable energy solutions, tissue culture plants, financial services and other agricultural inputs.