Jain Irrigation Systems surges as its arm raises Rs 402 crore from Mandala Capital

31 Mar 2016

Jain Irrigation Systems is currently trading at Rs. 60.60, up by 1.85 points or 3.15% from its previous closing of Rs. 58.75 on the BSE.

The scrip opened at Rs. 59.25 and has touched a high and low of Rs. 60.85 and Rs. 59.25 respectively. So far 590058 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 79.00 on 23-Jul-2015 and a 52 week low of Rs. 47.00 on 17-Feb-2016.

Last one week high and low of the scrip stood at Rs. 59.45 and Rs. 56.50 respectively. The current market cap of the company is Rs. 2763.89 crore.

The promoters holding in the company stood at 28.70% while Institutions and Non-Institutions held 50.23% and 21.07% respectively.

Jain Irrigation Systems’ (JISL) subsidiary -- Jain Farm Fresh Foods (JFFFL) has raised Rs 402 crore from Mandala Capital for growth of the company. The funds will be used mainly to reduce debt and growth of food business. This investment was part of a larger programme of fund raising by JISL under which JISL has successfully raised total equity of $ 120 million from its promoters and Mandala.

JFFFL is a newly-formed entity under which the global food processing business of JISL will now be held, the company said in a regulatory filing.

Jain Irrigation Systems is a manufacturer of a wide variety of PVC pipes, PE pipes, water and gas transportation pipes, ducts for optical fibre cables and drip irrigation pipes. It is also engaged in tissue culture of bananas and pomegranates and is the world’s largest processor of mangoes and is the world’s second largest processor of onions and vegetables.

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