Redington has informed that ProConnect Supply Chain Solution, (‘PCS’) a Wholly owned subsidiary of the Company had invested an amount of Rs. 57.99 Cr in the equity of its wholly owned subsidiary ProConnect Holding, Dubai (‘PHL’) (‘Buyer’) during May 2023. This investment was to enable PHL to purchase the shares of the Company's overseas step-down subsidiary namely ProConnect Supply Chain Logistics LLC, Dubai (‘PCSCL’) (‘Target Company’) from Redington Gulf FZE, Dubai (‘RGF’) (‘Seller’). Further to the above, the regulatory approvals with respect to the transfer of shares of Proconnect Supply Chain Logistics LLC has been completed on April 3, 2024. With this, RGF has transferred one hundred percent (100%) of its equity shares in PCSCL to PHL. Additional details required under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circular No. SEBI/HO/CFD/CFD-PoD1/P/CIR/2023/123 dated July 13, 2023, are enclosed as Annexure hereto.
The above information is a part of company’s filings submitted to BSE.
