Jain Irrigation Systems plans to raise nearly Rs 290 crore through issue of debentures to Mauritius-based Mandala Rose Co-Investment Ltd.
In a filing to the BSE, Jain Irrigation Systems said that a meeting of the securities issuance committee of board of directors will be held on March 11 to "consider the allotment of up to 36.2 million compulsorily convertible debentures at Rs 80 each for cash, aggregating to Rs 2,896 million to Mandala Rose Co-Investment Limited, Mauritius, a non-promoter entity".
In December last, the shareholders had approved the proposal to raise Rs 289.6 crore from agri-business funding firm Mandala Co-Investment Ltd by issuance of debentures.
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.
