Jain Irrigation Approves Issue to Raise $115 Million in Funds
Jain Irrigation Systems Ltd. (JI), Asia’s biggest irrigation-equipment maker, said today that it approved raising about $115 million in funds though a combination of preferential issue and foreign currency bonds.
The Jalgaon, India-based company that manufactures drip and sprinkler irrigation systems also said in a statement to the Bombay Stock Exchange that it received $75 million as a loan from the International Finance Corp., part of the World Bank, and others.
Jain said last month that it planned to raise about $200 million by issuing shares and other securities to strengthen its balance sheet, lower interest costs and for investments. The company’s shares have declined 14 percent this year.
India’s government has encouraged the use of drip irrigation in a country where 55 percent of the farmlands are rain-fed.
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