Standard Chartered Private Equity has bought a 10 per cent stake in Chennai-based supply chain management firm Redington India from two of the latter’s major shareholders, Taiwan-based Synnex and Redington Mauritius, for nearly $100 million.
The transaction of 47.63 million shares took place via a block deal on the BSE at Rs 91.9 a share on Monday, and represented a 3.5 per cent premium to Redington India’s Friday closing price of Rs 88.85.
Shares of Redington India touched a high of Rs 93.50 on the BSE during intra-day trade on Monday, but closed at Rs 88.50, marginally below Friday’s closing.
Over and above the 10 per cent sold to Standard Chartered PE, another 2 per cent was sold in the open market. Synnex originally held 27.7 per cent stake in Redington India and sold 4 per cent of its stake.
Redington Mauritius (owned by Kewalram Chanrai Group) held 28.8 per cent stake in the company and sold 8 per cent.
Source: Indian Express