News Room

2008

19 / Nov

Redington India transfers MEA biz

IT distributor Redington India today said it has transferred its Middle East and Africa (MEA) business Redington Gulf FZE, Dubai to its overseas subsidiary. The company has transferred its 100 percent shareholding in RGF without consideration to another wholly-owned subsidiary, Redington International (Holdings), Cayman Islands, it said in a filling to the Bombay Stock Exchange. Last month, the company had entered into an agreement with a private equity firm Investcorp, under which the firm would invest $98 million for a 39 per cent stake in Redington’s MEA business. “ To facilitate the aforesaid investment by Investcrop, the company has transferred is holding. With this transfer, RGF has become a step down wholly-owned subsidiary of the company,” the filing added-PTI

 

Source : Business Line Nov 19