Standard Chartered Buys Stake in Redington India

The buyout arm of Standard Chartered paid $98 million for a 12% stake in Redington India, a supply chain management company, Reuters reported. Taiwan-based Synnex Technology International Corp., a strategic investor in the company, reportedly cut its stake in Redington.

(Reuters) – The private equity arm of Standard Chartered has bought 12 percent 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 percent premium to Friday’s closing share price.

A total of 47.63 million shares of Redington, amounting to a 11.97 percent stake, changed hands at 91.90 rupees.

At 11.30 a.m., shares of the Redington, which the market values at $791.69 million, were down 0.51 percent at 88.50 rupees in a firm Mumbai market.

(Reporting by Manasi Phadke and Indulal PM; editing by Malini Menon)