Jain Irrigation Systems Ltd.

NSE: JISLJALEQS | BSE: 500219 | ISIN: INE175A01038 |Industry: Plastic Products

Jain Irrigation Systems Ltd.    
12 Jun 2019, 02:24PM
Jain Irrigation says DSIJ article on divestment is inaccurate

Jain Irrigation Systems (which is in 17 stock screeners) says the DSIJ article on the company's plans to divest its pipes buisness is inaccurate. The company said that it had, in its investor presentation for Q4/FY 2019, mentioned Jain Irrigation's plans to reduce its long-term debt by at least Rs. 2,000 crore. To achieve this, the firm decided to appoint investment bankers by 30 September 2019 to explore and implement "one or more corporate actions which will include demerger, disinvestment and equity infusion in our piping business, food business of subsidiary and overseas irrigation entity to achieve the debt reduction".

As of now, Jain Irrigation says, no decision has been made, and decisions around reducing debts would only be taken "following consultations and advice of investment bankers". 

Jain Irrigation Systems Ltd. is trading below it's 30 day SMA of 15.1
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