 "Jain irrigation")
Jain Irrigation Systems Ltd on Sunday said that its wholly owned direct subsidiary Jain International Trading B V (JITBV) has proposed to issue up to $200 mn of unsecured senior notes with a $50 mn over-allotment option.
"Jain Irrigation Systems Ltd DVR has informed BSE that Jain International Trading B.V (JITBV), the company's wholly owned direct subsidiary, proposes to issue up to $200 mn of unsecured senior notes (which will also be certified Green bonds) with a $50 mn over-allotment option, in relation to which the company propose to provide a guarantee (guarantee)," the company said in a BSE filing.
"However, issuance of guarantee is subject to successful issuance of the notes/bonds by JITBV, which will depend on the market conditions prevailing during the launch and agreement on terms between investors, the company and JITBV," it added.
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The issuance of the guarantee has been principally approved by the board of directors at their meeting on January 14, 2017.
An unsecured note is a loan that is not secured by the issuer's assets. Unsecured notes are similar to debentures but offer a higher rate of return with less security than a debenture.
Senior notes are debt securities, or bonds, that take precedence over other unsecured notes in the event of bankruptcy.
