Redington (India) raises stake in Citrus Consulting to 84.8%

With this acquisition, the total holding of Redington Gulf in Citrus has increased by 24.8%.

Nov 22, 2018 03:11 IST India Infoline News Service

Redington (India), in a BSE filing, announced that Redington Gulf FZE, (Redington Gulf), a step-down subsidiary of the company has acquired an additional 24.8% stake in Citrus Consulting Services FZ LLC (Citrus), its subsidiary company.

With this acquisition, the total holding of Redington Gulf in Citrus has increased from 60% to 84.8%, the company added.

The cost of acquisition or the price at which the shares are acquired stands at AED 93,000.

On Wednesday’s trade, shares of Redington India Ltd ended at Rs87.95 down by Rs3.35 or 3.67% from its previous closing of Rs91.30 on the BSE. The scrip opened at Rs91 and touched a high and low of Rs91 and Rs87.15, respectively.

Redington is one of the leading distributors of IT and mobility products and services. The company's 70% revenue in FY18 came from its IT vertical, 27% from mobility business, and 3% from services. The overseas market contributed ~64% to overall revenues. Its Turkish subsidiary, Arena, contributed ~6% to overall revenues, negatively impacting the consolidated bottom-line (by ~8%) owing to sharp depreciation of Turkish Lira v/s the US dollar.

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