Jain Irrigation promoters pledge shares

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Agencies: New Delhi, Oct 17 2012, 20:45 IST

Jain Irrigation Systems (JSPL) today said its promoters have pledged about 3.96 crore shares, which are equivalent to one-third of their stake in the company.

In a filing to the BSE, JSPL said that its promoters have pledged 3,96,01,605 shares with IFCI, Barclays Investments and Loan (India), Kotak Mahindra Prime, JM Financial Products, Tata Capital, Sicom and Macquarie Finance (India).

The promoters held 11,96,14,411 shares, which is equivalent to 31 per cent stake in the company at the end of the quarter ending September 30, 2012.

The company yesterday approved a preferential issue of 4.97 crore shares of Rs 80 each to non-promoters to raise about Rs 398 crore and raising of USD 40 million (around Rs 211.76 crore) through FCCBs.

The Jalgaon-based company manufactures drip and sprinkler irrigation systems, besides agro-processed products like dehydrated vegetables and fruits.

Shares of the company today fell by 4.15 per cent to settle at Rs 71.55 a piece from its previous close at the BSE.

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