Jain Irrigation Systems Ltd today said it has raised USD 10 million (Rs 54 crore) through private placement of Foreign Currency Convertible Bond (FCCB).
In a filing to the BSE, the company said the Issuance Committee of the Board of Directors has approved allotment of 1,000 FCCBs with a par value of USD 10,000 each.
In October 2012, the shareholders had approved issue of 5,500 FCCBs of USD 10,000 each aggregating to USD 55 million.
The Security Issuance Committee decided to allot 1,000 FCCBs and also close the issue of FCCBs with immediate effect. The maturity of the bond will be in 2018 and the coupon rate is 3 percent per annum.
The company manufactures drip and sprinkler irrigation systems, solar water heating systems and agro-processed products, among others.
The company's scrip rose by 2.27 percent to Rs 67.50 at 1400 hours on the BSE.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
