News @ Jains - Jain Irrigation approves increase in FII limits

At an extra ordinary general meeting held at Jalgaon today, the shareholders approved increase in FII lmits to 49% of issued, subscribed, paid up capital of the Company, Now Company will approach authorities for lifting the freeze on FII limits in Companies capital.

The shareholders also approved issue of 30,70,000 Equity Share Warrants, to certain individuals of Promoters Group at Rs. 155 each convertible in 18 months into one equity share of Rs. 10 each.

The shareholders approved reappointment of Shri. Anil B. Jain as Managing Director for 5 years from 20-8-2005.

Approval has given to the implementation of an Employee Stock Option Plan / Scheme (“ESOP”). 30,71,200 Stock Options/Equity Shares are covered by the ESOP. The approval of Shareholders will be obtained in the 18th AGM to be held on 30-09-2005.