Jain Irrigation to raise $75 mn via FCCBs

Source: The Hitavada      Date: 26 Feb 2017 09:46:20


NEW DELHI,

Feb 25,

(PTI),

JAIN Irrigation Systems plans to raise upto 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 on Saturday, approved “issue of FCCBs upto 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 upto USD 75 million to non-promoter entities for redemption of FCCBs worth USD 50 million issued in 2012/2013 and balance USD 25 million fresh issue for permitted use”, the company said.