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MUMBAI: Jain Irrigation Systems has reported 24.59 per cent jump in its standalone net profit at Rs 71.47 crore for the third quarter ended December 31, 2010.

Net sales grew to Rs 693.26 crore during the December quarter compared with Rs 630.87 crore in the year-ago period, the company said in a filing to the Bombay Stock Exchange.

The board has recommended issuance of bonus shares with differential voting rights (DVR) in the ratio of one DVR equity share for every 20 ordinary equity shares, the filing said.

To fund the potential growth opportunities and reduce interest cost, it has also approved a proposal to raise $150 million (about Rs 675 crore).

Besides, the board has also given its approval to set up a new Non-Banking Financial Company and plans to apply to the Reserve Bank of India for the same.

The company shares were trading at Rs 215.50, down 4.39 per cent on the Bombay Stock Exchange. — PTI

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