Jain Irrigation shares up 4% as arm raises Rs 402 cr

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Jain Irrigation Systems   (JISL) shares rose by nearly 4 percent Thursday after the company’s food processing arm raised Rs 402 crore from Mandala Capital. JISL’s scrip rose by 3.57 percent to Rs 60.85 on BSE. On NSE, its shares jumped 3.83 percent to Rs 60.90. Jain Irrigation Systems Ltd’s food processing arm has raised Rs 402 crore from Mandala Capital for growth of the company. The company’s subsidiary Jain Farm Fresh Foods (JFFFL) yesterday announced that it has successfully raised Rs 402.2 crore from funds managed by Mandala Capital, an investment manager focused exclusively on Indian agri-business. JFFFL is a newly-formed entity under which the global food processing business of JISL will now be held, the company had said in a regulatory filing yesterday. “JFFFL made a preferential issue of equity shares and compulsorily convertible debentures (CCDs) to Mandala for a total subscription amount of Rs 4,022 million. Sixty per cent of the investment is in equity and balance in CCDs,” it added.   Jain Irrigation stock price On March 31, 2016, at 14:01 hrs Jain Irrigation Systems was quoting at Rs 60.45, up Rs 1.70, or 2.89 percent. The 52-week high of the share was Rs 79.00 and the 52-week low was Rs 47.00. The company’s trailing 12-month (TTM) EPS was at Rs 1.88 per share as per the quarter ended December 2015. The stock’s price-to-earnings (P/E) ratio was 32.15. The latest book value of the company is Rs 49.62 per share. At current value, the price-to-book value of the company is 1.22.