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| Exchange Disseminated Time 23/12/2016 06:53:21 | With reference to the earlier intimation dated July 28, 2016 on incorporation of Rajprotim Supply Chain Solutions Limited (RCS) a subsidiary of ProConnect Supply Chain Solutions Limited (ProConnect), a wholly owned subsidiary of the Company,
Redington (India) Ltd has now informed BSE that the Company have been informed by ProConnect that it had increased its stake in RCS from 50% to 76%. Further ProConnect has entered into a Share Purchase agreement with an option to purchase the balance 24% shares in RCS in two tranches on an earn out model basis before September 30, 2020.
Further the Company has informed that, this investment in RCS will enable ProConnect to expand its Supply Chain business in Eastern Region of India resulting in bringing net new businesses. In addition the Company expect that this would bring in synergy for ProConnect across other regions in India. |
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