Symphony, a leading air cooler company, has signed an equity transfer agreement (ETA) with shareholders of Munters Keruilai Air Treatment Equipment (MKE), China to acquire 100% of the equity share capital of MKE. The consideration for the proposed acquisition will be RMB 1.5 M (equivalent to approximately Rs 15.5 million).

The board is optimistic of turning around MKE operations in the medium to long-term following the infusion of woking capital beginning with Rs 150 million and peaking at Rs 350 million including loss funding, the company said.

"The proposed turnaround strategy will focus around market penetration (China and global) as well as cost optimization (product, operational and overheads)," it added.

Shares of the company gained Rs 211.9, or 11.48%, to settle at Rs 2,057.50. The total volume of shares traded was 71,832 at the BSE (Thursday).