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Jain Irrigation shares up 4% as arm raises Rs 402 crore

They raised money from Mandala Capital for growth of the company

Jain Irrigation shares up 4% as arm raises Rs 402 crore

Jain Irrigation Systems (JISL) shares rose by nearly 4% Thursday after the company's food processing arm raised Rs 402 crore from Mandala Capital.

JISL's scrip rose by 3.57% to Rs 60.85 on BSE.

On NSE, its shares jumped 3.83% to Rs 60.90.

Jain Irrigation Systems Ltd's food processing arm has raised Rs 402 crore from Mandala Capital for growth of the company.

The company's subsidiary Jain Farm Fresh Foods (JFFFL) yesterday announced that 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. Sixty per cent of the investment is in equity and balance in CCDs," it added.