Jain Irrigation Updates on Israeli acquisition

With reference to the earlier announcement dated May 28, 2007 regarding the Board of Directors of the Company at its meeting held on May 28, 2007 had approved the acquisition by the Company of holding in Naandan Irrigation Systems (C.S.) Ltd, Israel via a wholly owned subsidiary in Netherlands, Jain Irrigation Systems Ltd has announced that the Company’s lawyers have confirmed that Jain (Israel) B.V., Netherlands, a wholly owned subsidiary of the Company, has completed the acquisition of 50.001% of the ownership rights of Naandan Irrigation Systems (C.S.) Ltd, Israel, along with 50% of the management and control.

The stock was trading at Rs.465.75, down by Rs.8.75 or 1.84%. The stock hit an intraday high of Rs.475 and low of Rs.440. The total traded quantity was 211497 compared to 2 week average of 61876.

Source : Equity Bulls

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