Jain Irrigation Climbs on Plan to Sell India Assets to Cut Debt
Jain Irrigation Systems Ltd. (JI), Asia’s largest irrigation-equipment maker, rose the most in five weeks after announcing plans to sell wind-farm assets to reduce debt.
Jain, whose drip and sprinkler systems help farmers irrigate more land with less water, is in talks with a potential buyer and expects to close the deal in August, helping shrink foreign currency debt by $10.5 million, it said.
The shares rose 3.7 percent, the most since June 3, after the company said it’s seeking shareholder approval for the plan to sell 13.2 megawatts of wind projects built in 2009 in the southern Indian state of Tamil Nadu. The gain trimmed the stock’s loss over the past year to 40 percent.
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