Investcorp sells stake in Redington unit to Indian parent
Gulf-based alternative asset manager Investcorp has sold its 26% stake in Redington International to the subsidiary’s private equity-backed parent company, Redington India.
The deal with Redington India, which in July received an INR 4.4 billion ($81 million) investment from Standard Chartered Private Equity and ECL Finance in exchange for a 12% stake, will be completed within the next three months.
Investcorp acquired the stake in the Cayman Island-based Redington unit for $98 million through its $1 billion Gulf Opportunity Fund I three years ago. This transaction represents the investor's first exit from that fund, which launched in 2007.
Following the sale, Redington India will see its 69% stake in its overseas business holding arm increase to 96%, while the company's staff will retain the remaining share capital.
Founded in 1961, Chennai-based Redington India provides supply chain management services for IT and non-IT products through its network of distributors in India, the Middle East and Africa. It is listed on the Bombay Stock Exchange, and previously received INR670 million in funding from ChrysCapital, in 2006. The investor exited in 2009.
More on South Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.