Jain Irrigation announced that its subsidiary Sustainable Agro-commercial Finance Ltd (SAFL) – a non-banking finance corporation – has raised funds worth Rs 112 crore in a mix of equity shares and long term debt.
´We are glad to announce that SAFL has successfully raised funds consisting of tier I and tier II capital aggregating Rs 112 crore yesterday,´ Jain Irrigation said in BSE filing.
The company raised Rs 42 crore funds through sale of equity shares to UK-based firm Mandala Capital AG Limited, while the rest Rs 70 crore was a long tenure debt for six years in form of 10 per cent unsecured non-convertible listed debentures. Post the investment, Mandala holds 20 per cent of the capital of SAFL, while Jain Irrigation shareholding has come down to 49 per cent as was originally planned at start of SAFL´s operations in 2012, it said. Jain Irrigation said that it would help the company to improve its working capital.
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