Redington (India), a business of supply chain management company, announced that the company have received a communication from RGF that they have obtained the requisite approvals and have completed the acquisition of 70% stake in Linkplus for a consideration of USD 5.75 million.

The balance 30% shares will be purchased on equitable basis from CY15 to CY17 at a P/E multiple of 5X.

Redington Gulf FZE (RGF), a step down subsidiary of the company earlier announced it has entered into a definitive agreement to acquire 70% stake in Linkplus Bilgisayar Sistemleri Sanayi ve Ticaret A.S, Turkey (Linkplus).

Shares of the company declined Rs 2.05, or 1.76%, to settle at Rs 114.35. The total volume of shares traded was 70,741 at the BSE (Friday).