Jain Irrigation in the green

Jain Irrigation is doing well today morning, with the stock price rising almost 3% at Rs.66.25, with an intraday high at Rs.67.05. Its 52-week stands at Rs.75.10.

The stock, after a long time, is in the limelight following unconfirmed news that the company might sell stake in its food processing business and is currently scouting around for PE funds. It hopes to raise around Rs.610 crore, which will be used to cut down its debt and aid profit growth.

The plan is that it will divest around 30-35% stake  and will raise around $80-100 million. It might first transfer this unit into a separate company before selling stake. Its debt currently stands at Rs.2924 crore.

This food processing unit makes dehydrated onion and vegetable products, aseptic fruit purees, concentrates, clarified juices and frozen products marketed under the brand name FarmFresh.