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Thursday, Feb 27, 2003

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Redington debt plan on watch

Our Bureau

MUMBAI, Feb. 26

THE `P1+' rating assigned to the Rs 80-crore short-term debt programme of Redington has been placed on rating watch by Crisil, following the announcement that GTL Ltd plans to acquire the company.

GTL has said that it plans to acquire the Singapore-based Kewalram Chanrai group, including Redington (India) Ltd, for a total consideration of $95-million in a cash-and-stock deal, subject to necessary regulatory approvals.

According to a release, Crisil is in talks with the management regarding the details of the swap ratio, business synergies and financial implications among other issues.

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