Jain Irrigation Systems to raise $75 million via FCCBs

Jain Irrigation Systems Ltd plans to raise up to $75 million through foreign currency convertible bonds (FCCBs), mainly for redemption of existing bonds. In a filing to the Bombay Stock Exchange (BSE), the company said that a sub-committee of the Board of directors, had approved ‘issue of FCCBs up to $75 million to non-promoter entities’. The shareholders’ approval will be sought at an extraordinary general meeting (EGM) on 24 March for ‘issue of FCCBs up to $75 million to non-promoter entities for redemption of FCCBs worth $50 million issued in 2012/2013 and balance $25 million fresh issue for permitted use,’ the company said.