Jain Irrigation Systems has received its board’s approval to raise about Rs 610 crore through a combination of preferential issue and foreign currency bonds. The company’s board has also approved a preferential issue of 4.97 crore shares of Rs 80 each to non-promoters to raise about Rs 398 crore and raising $40 million (around Rs 211.76 crore) through FCCBs.
Further, the company has received in an amount of $75 million as long term (6-10 years) External Commercial Borrowings (ECB) from IFC, a part of World Bank, and others.
Jain Irrigation is a farmer-centric company and micro irrigation has been its mainstay since the mid-1980s. The company has pioneered a green revolution through micro-irrigation technology, which comprises mainly of drip and sprinkle systems.