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Mumbai, March 2 Jain Irrigation board today approved allotment of up to 2 million equity shares of Rs 10 each to International Finance Corporation (IFC), Washington on a preferential basis at a price to be arrived at on the basis of SEBI guidelines. Investment is subject to necessary approvals.

The preferential share has been priced at about Rs 350-375 a share totalling to $15 million. IFC will also extend $30 million loan with 8-year tenure. The company shares on the BSE were down 4 per cent at Rs 351 on Monday.

A shareholders’ meeting has been convened on March 26 to seek approval for its proposal of preferential allotment.

The proposed shares would be approximately 2.69 per cent of the fully diluted equity after the proposed issue.

More Stories on : Preferential Allotments | Agriculture

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