Jain Irrigation shares end 3% up as arm raises Rs 402 cr

Shares of Jain Irrigation Systems (JISL) ended with nearly 3 per cent gains today after the company's food processing arm raised Rs 402 crore from Mandala Capital.
The stock climbed 2.64 per cent to close at Rs 60.30 on BSE. Intra-day, it gained 3.57 per cent to Rs 60.85.
At NSE, shares of the company jumped 2.81 per cent to close at Rs 60.30.
In terms of volume, 7.68 lakh shares of the company changed hands at BSE and over one crore shares were traded at NSE during the day.
JISL's food processing arm raised Rs 402 crore from Mandala Capital for growth of the company.

The company's subsidiary Jain Farm Fresh Foods (JFFFL) yesterday announced it has successfully raised Rs 402.2 crore from funds managed by Mandala Capital, an investment manager focused exclusively on Indian agri-business.
JFFFL is a newly-formed entity under which the global food processing business of JISL will now be held, the company had said in a regulatory filing yesterday.
"JFFFL made a preferential issue of equity shares and compulsorily convertible debentures (CCDs) to Mandala for a total subscription amount of Rs 4,022 million. 60 per cent of the investment is in equity and balance in CCDs," it added.