Jain Irrigation Systems Ltd has informed BSE that the Sub-Committee of Board of Directors of the Company at its meeting held on March 07, 2008, has passed the resolution pursuant to approval of the Shareholders at their meeting dated January 31, 2006, that 3,85,080 Equity Shares of Rs 10 each for cash at a premium of Rs 335.59 each aggregating to Rs 13,30,80,000 of the Company be and are hereby authorized to be issued and allotted to the Bond holder namely, Goldman Sachs Investments (Mauritius) I Ltd FCCB (3,85,080 no of equity shares) in lieu of conversion of 3,000 Bonds of USD 1,000 each, as per Notification dated March 06, 2008 received:

1. No of Bonds - 3,000
2. Face Value - USD 1,000 each
3. Total Amount - USD 30,00,000
4. Fixed Exchange Rate Rs / USD - Rs 44.36
5. Amount (3*4) - Rs 13,30,80,000
6. Fixed Conversion Price - Rs 345.59
7. No of Shares to be issued in conversion (5/6) - 3,85,080.