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StanChart PE buys 12% in Redington India for $98 mn

StanChart PE buys 12% in Redington India for $98 mn
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First Published: Mon, Jul 04 2011. 01 16 PM IST
Updated: Mon, Jul 04 2011. 01 16 PM IST
Mumbai: The private equity arm of Standard Chartered has bought 12% of Redington India from a promoter and a strategic investor for about $98 million, the supply chain management company’s managing director said on Monday.
A promoter and Taiwan-based Synnex Technology International Corp , a strategic investor in the firm, have cut their stake in Redington, R. Srinivasan said on television channel CNBC TV18.
A source with direct knowledge of the deal at StanChart PE, who asked not to be named, also confirmed the purchase.
The purchase, executed through the block deals window on the Bombay Stock Exchange (BSE) on Monday, was at a 3.3% premium to Friday’s closing share price.
A total of 47.63 million shares of Redington, amounting to a 11.97% stake, changed hands at Rs 91.90.
At 11.30 a.m., shares of the Redington, which the market values at $791.69 million, were down 0.51% at Rs 88.50 in a firm Mumbai market.
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First Published: Mon, Jul 04 2011. 01 16 PM IST