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Private Equity | 5 July 2011

StanChart PE Buys 10% In Redington For Rs 365 Cr

by Deeshesh Chheda
StanChart PE Buys 10% In Redington For Rs 365 Cr
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Standard Chartered Private Equity has bought 10% stake in Chennai-based Redington India Limited for Rs.365.13 Cr, while ECL Finance Ltd, the NBFC arm of Edelweiss has bought 2% stake in Redington for Rs.73 Cr.

StanChart PE and ECL Finance have bought the shares from promoter Redington Mauritius and Synnex Mauritius, a unit of Taiwanese IT distributor Synnex Technology International Corp. The total deal is valued at around Rs.438 Cr.

The transaction took place via a block deal on the BSE at Rs 91.9 a share, which was about 4% premium to the scrip's closing price of Rs 88.50 on BSE on Monday.

Redington MD R Srinivasan said that the company wanted to continue as a management run firm and wanted none of the shareholders to hold over a 26% stake.

Transaction Reference: BSE


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