“The company has received communication from its step down subsidiary, Arena, that a binding Share Purchase Agreement has been concluded between the parties relating to the acquisition of 100% shares of Brightstar Telekomünikasyon Dağıtım Ltd. Şti. (Brightstar),” the company said in a regulatory filing on Monday.
“The acquisition is subject to receiving necessary regulatory approvals including from the Competition Board, as also fulfilment of certain mutually agreed conditions. As per the Agreement, Arena will pay USD 35 Million in cash for acquiring 100% shares of Brightstar,” it added.
The indicative time period for completion of the acquisition is by the end of Q3FY22 subject to receipt of necessary approvals.
At around 10.03 AM, Redington India Ltd was trading at Rs145.20 per piece down by Rs0.35 or 0.24% from its previous closing of Rs145.55 per piece on the BSE.