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Our Bureau

Mumbai, Feb. 24

Jain Irrigation Systems Ltd (JISL) has announced that it has entered into an agreement to acquire 7.5 per cent stake in Greece-based Eurodrip S.A. for a cost of euro 3.5 million.

The acquisition was done through the company's wholly owned UK-based subsidiary Jain (Europe) Ltd. The subsidiary has acquired and subsequently exercised 10 per cent of the rights to the ongoing capital increase of Eurodrip S.A, Greece. On completion of the capital increase, the company would end up with a stake of approximately 7.5 per cent in Eurodrip S.A on full subscription basis.

"The company is looking forward to the mutual benefit from establishing a close strategic relationship between the two companies and in working together in a synergistic and complementary manner. The move is in line with the company's strategy to foster relationship with global players in micro irrigation systems," JISL said in a notice to the Bombay Stock Exchange.

Yes Bank was the strategic and financial advisor for this transaction.

Shares of JISL moved up by Rs 6.20 or 2.88 per cent to Rs 221.75 in Friday's trade on BSE.

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