JI completes placement of 60,000 FCCBs at $1,000

Mumbai, Mar 24: Maharashtra-based Jain Irrigation Systems has completed its placement of 60,000 FCCBs at USD 1,000 each, aggregating to USD 60 million.

Jain Irrigation informed that the tenor of the FCCBs is for five years and one day and the conversion price has been pegged at Rs 345.59 per share with the yield to maturity at 6.75 per cent.

In the event of all the FCCBs getting converted into equity shares, the company will have to issue 7.7 million equity shares of Rs 10 each, the release said.

Jain Irrigation has signed a purchase agreement with the book running lead manager Morgan Stanley International subject to necessary approvals.

UNI