StanChart buys slice of Redington for £60m

City A.M. Reporter
The private equity arm of Standard Chartered has bought 12 per cent of Redington India from a promoter and a strategic investor for about $98m (£60m), the supply chain management company's managing director said.

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), was at a 3.3 per cent 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.