Redington's subsidiary acquires 70% stake in Turkey-based company

Balance shares will be purchased on equitable basis from CY15 to CY17

Redington India today announced that Redington Gulf FZE (RGF), a step down subsidiary of the company, is entering into a definitive agreement to acquire 70 per cent stake in Turkey-based Linkplus.

Redington (India) Ltd has now informed BSE that the company have received a communication from RGF that they have obtained the requisite approvals and have completed the acquisition of 70 per cent stake in Linkplus for a consideration of $5.75 million.

The balance 30 per cent shares will be purchased on equitable basis from CY15 to CY17 at a P/E multiple of 5X.