Jalgaon-based Jain Irrigation Systems (JISL) on Tuesday plummeted nearly 18% to close at Rs 157.50 on concerns over its equity dilution and new business plans.
In an interview with CNBC-TV18, Anil Jain, MD, Jain Irrigation, clarifies on some of those issues. Below is a verbatim transcript of his interview with CNBC-TV18's Udayan Mukherjee and Mitali Mukherjee. Also watch the accompanying videos. Q: Your stock has fallen a lot after you disclosed that you plan to dilute equity to setup or partly fund an NBFC. The market has many apprehensions about this foray of your, can you take us through the logic of such a move? A: I think maybe somewhere market has misread what we wanted to say. To start with, we are not getting into an unrelated business. I mean what Jain Irrigation has been doing in terms of giving credit to the farmer will not get done through this non-banking finance company. ThatDiscover 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!
