Jain Irrigation gets shareholders nod to raise Rs 400 cr

Jain Irrigation Systems today said its shareholders approved the proposal for raising more than 400 crore funds through issue of equity warrants and compulsorily convertible debentures to agri-business funding firm Mandala Co-Investment and a promoter.
In a BSE filing, the company said the shareholders approved the proposal to raise Rs 289.6 crore from agri- business funding firm Mauritius-based Mandala Co-Investment Ltd by issuance of CCBs up to 3.62 crore at Rs 80 each.
Shareholders have also given nod for raising Rs 112.5 crore by issuance of 1.41 equity warrants at Rs 80 a piece to a promoter group entity JAF Products Pvt Ltd, it said.

Last month, Jain Irrigation had announced that it will raise Rs 792 crore by issuing equity shares in the company and its food business unit to agri-business funding firm Mandala Capital Ltd and promoters.
In August, Jain Irrigation Systems said it will sell its food business unit to its subsidiary to create strategic focus on the fast-growing food business.
The food business of the company comprises food manufacturing units at Jalgaon (Maharashtra), Vadodara (Gujarat) and Chittoor (Andhra Pradesh) besides the indirect subsidiaries carrying on food business activities.
Jain Irrigation is engaged in manufacturing of micro irrigation systems, PVC pipes, HDPE pipes, plastic sheets, agro processed products, renewable energy solutions, tissue culture plants, financial services and other agricultural inputs since the last 34 years.