JAIN IRRIGATION REDEEMS FOREIGN CURRENCY CONVERTIBLE BONDS (FCCB’s) OF USD 10 MILLION
In May 2013 the Company had issued 5 year FCCBs of USD 5 million subscribed by Nederlandse Financierings– Maatschappij Voor Ontwikkelingslanden N.V., The Netherlands ("FMO") and USD 5 million subscribed by Societe De Promotion et de Participation pour la Cooperation Economique, France ("Proparco") aggregating to USD 10 million. The FCCB’s had a conversion option. Since conversion option was not exercised by the holder & the FCCB’s became redeemable on due date, that is on 2nd May, 2018.
The Company has redeemed the 1,000 FCCB’s of USD 10,000 each aggregating to USD 10 million on 2nd May, 2018 as per the terms of the Agreement dated 26th February, 2013 & 27th February, 2013 executed between the Company and Proparco and FMO respectively. The Company has also paid redemption premium of USD 1.34 million, aggregate redemption amount being USD 11.34 million (Approx. INR 75.41 Cr).
Mr. Anil B Jain, Vice Chairman and Managing Director said after the redemption of FCCB’s, "This has further helped us to reduce convertible foreign currency debt of the Company and we have avoided approx. 1.12% potential Equity dilution that would have happened to the existing Shareholders due to FCCB conversion.
About Jain Irrigation Systems Ltd:
Our Company, Jain Irrigation Systems Limited (JISL) with it’s motto ‘Small Ideas, Big Revolutions’ with more than 10,500+ associates worldwide and revenue of ˜USD 1 Billion, is an Indian multinational company with manufacturing plants in 30 locations across the globe. JISL, its subsidiaries and associates are engaged in providing solutions in agriculture, piping, infrastructure through manufacturing of Micro Irrigation Systems, PVC Pipes, HDPE Pipes, Plastic Sheets, Agro Processed Products, Renewable Energy Solutions, Tissue Culture Plants, Financial Services and other agricultural inputs since more than 34 years. It has pioneered a silent Productivity Revolution with modern irrigation systems and innovative technologies in order to save precious water and has helped to get significant increase in crop yields, especially for more than 6 million small farmers. It has also ushered in new concept of large scale Integrated Irrigation Projects (IIP). ‘More Crop Per Drop™’ is the company’s approach to water security and food security.
JISL is early pioneer for IOT in the agri–sector and is leading efforts to create global solutions with precision agriculture. It’s food brand ‘Jain FarmFresh’ is well known all over the world for quality and consistency. All the products and services of JISL help create a sustainable future while fulfilling its vision to ‘Leave this world better than you found it’. JISL is listed in NSE–Mumbai at JISLJALEQS and in BSE at code 500219.
This document may contain statements that could be construed as forward–looking Such forward–looking statements are subject to certain risks and uncertainties like significant changes in economic environment in India and overseas, tax laws, import duties, litigation, labour relations etc. Actual results might differ substantially from those expressed or implied. Jain Irrigation Systems Ltd will not be in any way responsible for any action taken based on such statements and discussions; and undertakes no obligation to publicly update these forward–looking statements to reflect subsequent events or circumstances.