SCPE takes stake in Redington India
Standard Chartered Private Equity (SCPE) has acquired a 10% stake in IT products distributor and supply chain manager Redington India for INR365 crore ($82 million), The Times of India reported. The stake was acquired from Redington’s promoters, Taiwanese IT distribution company Synnex and Redington Mauritius.
The offer comes at close to a 4% premium on Redington's last closing price. Redington Mauritius sold just over 30.5 million shares at INR91.9 apiece while Synnex sold nearly 16 million shares. The overall transaction occurred via two block trades, the report said.
Redington and its subsidiaries deal in the end-to-end supply chain management of IT and non-IT products in South Asia, Middle East and Africa. Redington India launched in 1961 and began distributing IT products in 1993.
In December 2004, Synnex Group, the third-largest IT distribution company globally with a turnover of more than $10 billion, made a strategic investment of 36% in Redington, according to the company's website. In March 2006, private equity firm ChrysCapital acquired an 11% stake in the company through its portfolio company Beethoven Limited, Mauritius.
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