Big news for Jain Irrigation - lead manager SBI approved a resolution plan, promoter funding of Rs 130 cr

Some good news is expected in Jain Irrigation, resolution plan has been approved after discussion with the lenders and debt restructuring will happen in the company. SBI is the lead banker and the resolution plan has been approved. Promoter funding of upto Rs 130 cr expected in Jain Irrigation and they will infuse the amount in the company. Condition on which the resolution has been approved is indeed interesting. Notably, overall restructuring is going to happen in Jain Irrigation.

SBI is the lead banker and the resolution plan has been approved. Promoter funding of upto Rs 130 cr expected in Jain Irrigation and they will infuse the amount in the company:

Some good news is expected in Jain Irrigation, resolution plan has been approved after discussion with the lenders and debt restructuring will happen in the company. SBI is the lead banker and the resolution plan has been approved. Promoter funding of upto Rs 130 cr expected in Jain Irrigation and they will infuse the amount in the company. Condition on which the resolution has been approved is indeed interesting. Notably, overall restructuring is going to happen in Jain Irrigation.

The Businesses of Jain Irrigation set to be spilt in different segments / divisions which are PVC Business, irrigation business and International Business. Jain Irrigation will operate in 3 different segments / divisions in future and the interest cost will reduce from Rs 400 cr to Rs 200 cr. Sustainable debt for the company will happen at 9% and unsustainable debt will happen at 0% for a period of 8 years. This is the entire restructuring plan of the company. The 30% additional dilution that will happen, 15% stake promoters will get it via execution while the remaining 15% will be done by the Banks.

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Elsewhere in the stock markets, Ajit Mishra, VP - Research, Religare Broking highlighted that Markets started the new calendar on a buoyant note and gained over 2%. The sentiment was upbeat from the beginning, largely driven by optimism in the global markets and continuous liquidity flow. On the domestic front, the approval for the restricted use of COVID vaccines and the news of dry runs of vaccine drive across the country further added to the positivity. Besides, the domestic macroeconomic data also boosted the sentiment.

#ZBizExclusive | जैन इरिगेशन के लिए बड़ी खबर-

> पिछले हफ्ते लीड मैनेजर SBI ने रिजॉल्यूशन प्लान किया मंजूर... ₹130 करोड़ की मिलेगी प्रोमोटर फंडिंग

विस्तार से जानिए क्या है पूरी खबर...#JainIrrigation @SwatiKJain @AnilSinghvi_ pic.twitter.com/D6pa05JH6F

— Zee Business (@ZeeBusiness) January 8, 2021

Consequently, the Nifty index settled around the week’s high at 14347.25 levels. On the sector front, except FMCG, all the other indices ended in positive wherein metals were the top gainer (up by 9.1%), followed by IT (up by 5.6%) and capital goods (up by 5.1%). Amongst, the broader markets midcap and smallcap outperformed and ended higher by 5.2% and 3.8% respectively.

Participants will be closing eyeing macroeconomic data viz. IIP, CPI and WPI inflation scheduled during the week. Besides, global cues and progress on the vaccine drive will also be in focus.

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Jain Irrigation SBI

Reported By: ZeeBiz WebTeam

Written By: Rahul Kamdar

Edited By: Harish Dugh

Updated: Mon, Jan 11, 2021
12:00 pm

Mumbai, ZeeBiz WebDesk