New Delhi: Jain Irrigation Systems Ltd plans to raise up to $75 million through foreign currency convertible bonds (FCCBs) mainly for redemption of existing bonds.

In a filing to the Bombay Stock Exchange (BSE), the company said that a sub committee of the board of directors, in its meeting held on Saturday, approved “issue of FCCBs up to USD 75 million to non-promoter entities".

The shareholders approval will be sought at an extraordinary general meeting (EGM) on 24 March for “issue of FCCBs up to USD 75 million to non-promoter entities for redemption of FCCB’s worth USD 50 million issued in 2012/2013 and balance USD 25 million fresh issue for permitted use," the company said.

The Jalgaon-based Jain Irrigation is into manufacturing of micro-irrigation systems, PVC and HDPE pipes, plastic sheets, agro-processed products, renewable energy solutions, tissue culture plants, financial services and other agricultural inputs.