Jain Irrigation Systems surges on raising $10 million via private placement of FCCB’s

07 May 2013

Jain Irrigation Systems is currently trading at Rs. 70.15, up by 1.60 points or 2.33% from its previous closing of Rs. 68.55 on the BSE.

The scrip opened at Rs. 69.30 and has touched a high and low of Rs. 71.35 and Rs. 69.30 respectively. So far 612404 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 92.35 on 06-Jul-2012 and a 52 week low of Rs. 55.50 on 09-Apr-2013.

Last one week high and low of the scrip stood at Rs. 71.35 and Rs. 61.65 respectively. The current market cap of the company is Rs. 3198.05 crore.

The promoters holding in the company stood at 27.46% while Institutions and Non-Institutions held 52.08% and 20.24% respectively.

Jain Irrigation Systems has raised $10 million (Rs 54 crore) through private placement of Foreign Currency Convertible Bond (FCCB). The Securities Issuance Committee of the Board of Directors of the Company decided to allot 1,000 FCCB's with a par value of $10,000 each on May 04, 2013. Meanwhile, the bond which will mature in 2018, have a coupon rate of 3% per annum.

Jain Irrigation Systems manufactures drip and sprinkler irrigation systems, solar water heating systems and agro-processed products, among others.

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