Redington India to acquire 70% of Linkplus Bilgisaya

The company has entered into a definitive agreement to acquire 70% of Linkplus Bilgisayar Sistemleri Sanayi ve Ticaret A.S, Turkey (Linkplus).

Redington (India) Ltd has informed BSE that 'Redington Gulf FZE', a step down subsidiary of the company has entered into a definitive agreement to acquire 70% of Linkplus Bilgisayar Sistemleri Sanayi ve Ticaret A.S, Turkey (Linkplus). This proposed acquisition is subject to regulatory approvals of authorities in Turkey. Established in 1995, Linkplus is a leading ORACLE Distributor in Turkey. The balance 30% will be acquired over a 3 year period. The Company has been valued around 6X future earnings.

The stock is currently trading at Rs. 119.85, up by 5.2 points or 4.54% from its previous closing of Rs. 114.65 on the BSE.

The scrip opened at Rs. 115.4 and has touched a high and low of Rs. 126.6 and Rs. 114.55 respectively. So far 1021470(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 4583.68 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 147.65 on 05-Dec-2014 and a 52 week low of Rs. 91.2 on 19-Jun-2015. Last one week high and low of the scrip stood at Rs. 116.8 and Rs. 109.3 respectively.

The promoters holding in the company stood at 13.33 % while Institutions and Non-Institutions held 52.36 % and 34.31 % respectively.

The stock is currently trading below its 200 DMA.