Jain Irrigation promoters hike stake by Rs140 crore
23 Mar 2011
The promoter group individuals of Jain Irrigation Systems Ltd, comprising the Jain family members, are infusing up to Rs140 crore in their company that will raise promoter shareholding in the company marginally.
Promoter group individuals have subscribed to 6.1 million equity warrants of the company by paying the 25 per cent deposit amount (Rs57.04 per equity warrant).
The amounts were credited in the designated account of the company on 23 March 2011, Jain Irrigation Systems said in a filing with the Bombay Stock Exchange (BSE).
The equity warrants, priced at Rs228.15 each, are convertible into one ordinary equity share of Rs2 each in the exercise period of 18 months from the date of allotment of the warrants, the company said in its filing.
The issue has been certified by the statutory auditors of the company as eligible in terms of the SEBI (ICDR) Regulations 2009 as applicable to the preferential allotment, the company said.
Promoters of Jain Irrigation Systems Ltd are infusing up to Rs140 crore in their company that will allow them to raise holding in the firm marginally. New Vernon India and IFC backed Jain Irrigation is into irrigation and agro products.