Jain Irrigation to invest in Mauritian subsidiary

Jalgaon-based Jain Irrigation Systems has decided to invest Rs 13.92 crore in its Mauritius-based subsidiary.

Jalgaon-based Jain Irrigation Systems has decided to invest Rs 13.92 crore (3 million dollar) in its Mauritius-based subsidiary.

HT Image

The company's board in its meeting on Aug 30 approved of the investment in the Mauritius subsidiary, which inturn would pump in further money into its US subsidiary to repay the company's debt, Jain Irrigation informed the Bombay Stock Exchange.

Jain Irrigation Systems board has in-principle approved to merge Eurissko Agro and Orient Vegetexpo with itself to consolidate its vegetable dehydration business, which contributes 6-8 per cent to the company's revenues.

The board sub-committee meeting held on Sep 1 has fixed the share swap ratio of two shares of Jain Irrigation for every 49 shares of Eurissko. While for every 53 shares of Orient Vegetexpo, seven shares of Jain Irrigation would be alloted, it said.

Shares of the company were trading at Rs 264.90, up 2.89 per cent, on the Bombay Stock Exchange.