Leading networking firm Smartlink Network Systems today said it has completed the sale of its Digilink business to Schneider Electric India for Rs 503 crore.
The Digilink business comprises Smartlink’s passive networking business, including the manufacture, marketing and sale of structured cabling products. The Digilink Business had sales of around Rs 155 crore for the year ended December 31.
In a filing to the Bombay Stock Exchange, Smartlink said, "the sale of Digilink business has been completed today and consequent to the completion of the sale, the Digilink business stands transferred to Schneider."
On May 31 this year, Smartlink board gave its approval to enter into a business transfer agreement with Schneider Electric for the sale of company's Digilink Business to Schneider for Rs 503 crore payable in cash.
In Late March, Smartlink announced that it will sell its Digilink business to Schneider Electric India. The transaction would include transfer of the Digilink brand and trademarks, its manufacturing facility in Goa, distribution network and employees relating to the business.
Shares of Smartlink closed at Rs 81.90 a piece on the BSE, up 1.49% from the previous close.