, with reference to our earlier announcements dated 28th July 2016, 22th December 2016, and 13th September 2018, informed the exchanges regarding investments of M/s. ProConnect Supply Chain Solutions Limited (ProConnect), a wholly owned subsidiary of the Company in M/s. Rajprotim Supply Chain Solutions Limited (RCS).
Redignton said that the company has been informed by ProConnect that it had acquired additional 12% stake in RCS. With this acquisition, the total holding of ProConnect in RCS is increased from 88% to 100% and hence pursuant to this acquisition, RCS becomes a wholly owned subsidiary of ProConnect.
The rationale of the acquisition is to expand the business operations of ProConnect resulting in addition of customers, warehousing and transportation contracts.
Redington India Ltd ended at Rs108.05 down by Rs1.8 or 1.64% from its previous closing of Rs109.85 on the BSE.
The scrip opened at Rs110 and touched a high and low of Rs110.10 and Rs107.60 respectively. A total of 84,446 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs4,240.99cr.