Jubilant FoodWorks shares surged more than 5 per cent in a weak market to hit a fresh 52-week high of Rs 3,098.55 on the BSE on Monday after the company said it would fully acquire Netherlands-based Fides Food Systems Cooperatief U.A. through its wholly-owned subsidiary-Jubilant Foodworks Netherlands B.V. At 12:20 pm, the shares of Jubilant FoodWorks were trading at Rs 3057.50, higher by 3.61 per cent.
“We wish to inform that Jubilant Foodworks Netherlands B.V., wholly-owned subsidiary of the company, has entered into a purchase agreement with Turkish Private Equity Fund II L.P. to fully acquire Fides Food Systems Cooperatief U.A. Jubilant FoodWorks Limited has also executed the Purchase Agreement as guarantor in connection with the investment obligations of Jubilant FoodWorks Netherlands B.V.,” Jubilant FoodWorks said in a statement to the stock exchanges.
Following the acquisition, Jubilant Foodworks Limited will indirectly hold 32.81 per cent shares of Fides held by DP Eurasia, it added.
Jubilant FoodWorks is the master franchise owner of Domino’s Pizza in India
The BSE Sensex was trading at 50,096.70, lower by 793.50 points and NSE Nifty was at 14,772.50, down 209 points at the time.