Jain Irrigation has approved the allotment of up to two-million equity shares of Rs. 10 each to the US based International Finance Corporation on a preferential basis. This amounts to a total of US$45-mln fund raising that will also ensure completion of the fund-requirement for the entire capital expenditure needs of next year. Jain Irrigation Systems Ltd. had earlier said that it will take a US$30 mln eight year loan from International Finance Corp. IFC also will buy Jain Irrigation preference shares for another US$15 mln, and this equity infusion will strengthen the balance sheet of the company. Jain Irrigation will seek shareholder approval for the capital infusion at a March 26 extraordinary general meeting.
06-Mar-09 
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