According to reports, shares of Jain Irrigation moved higher on reports that the company is planning to sell its wind power business to reduce debt.
At 09:55 a.m.; the stock was at 52.10, up 3.99 per cent, on the BSE. It touched a high of Rs 52.25 and a low of Rs 51.10 in trade today.
Its board has authorised officials to finalise and sign various agreements in connection with “Sale or otherwise disposal of wind power undertaking” to any person.
“This business is part of non-integral business lines. The transaction when completed shall result in reduction of foreign currency debt of $10.5 million from the books of the Company. Closing is expected to happen in August 2013 post the Shareholder approval,” the company said in a filing to the stock exchanges.
According to reports, the company is in talks with a textile group to sell its eight wind mills of 1.65 megawatt each in Tamil Nadu for Rs 63 crore.
The wind mill business contributed only 0.3 per cent to the overall revenue of the company in the 2012-13 fiscal.