Blackstone and Standard Chartered Private Equity are vying to acquire a large chunk of the promoter stake in Redington India Ltd, one of the country's oldest and leading distribution firm of telecom and IT products.
Singapore-based NRI conglomerate Kewalram Chanrai Group is set to dilute just under 15% stake to one private equity investor for roughly Rs 500 crore, said sources familiar with the development.
Private equity arm of Standard Chartered Bank and Blackstone were in the final lap of the transaction , which may be announced within a few days. Chanrai holds around 30% stake in the Chennai headquartered Redington India which reported Rs 17,459 crore turnover in FY11.
Source: Times of India