Jain Irrigation Systems plans to raise up to USD 75 million through foreign currency convertible bonds (FCCBs) mainly for redemption of existing bonds.
In a filing to the BSE, the company said that a sub committee of the Board of Directors, in its meeting held today, approved "issue of FCCBs up to USD 75 million to non-promoter entities".
The shareholders approval will be sought at an extraordinary general meeting (EGM) on March 24 for "issue of FCCBs up to USD 75 million to non-promoter entities for redemption of FCCB's worth USD 50 million issued in 2012/2013 and balance USD 25 million fresh issue for permitted use", the company said.
The Jalgaon-based Jain Irrigation is into manufacturing of micro-irrigation systems, PVC and HDPE pipes, plastic sheets, agro-processed products, renewable energy solutions, tissue culture plants, financial services and other agricultural inputs.
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