Standard Chartered PE picks 12% stake in Redington India

Redington India, the supply chain management company has seen the private equity arm of Standard Chartered picking up 12% stake in the company for about Rs 435 crore ($98 million). The purchase, executed through the block deals window on the Bombay Stock Exchange (BSE) and a total of 47.63 million shares of Redington India, amounting to 11.97% stake, changed hands.

Taiwan-based Synnex Technology International Corp, a strategic investor in the firm, and a promoter of the company have reduced their stake in Redington.

Recently, Redington (India) had been appointed as national distributor for BlackBerry PlayBook. The BlackBerry PlayBook was an incredibly powerful and innovative product in the growing Tablet market place. This new sign-up would enable the company to improve its foothold in the Tablet business of the Consumer and Digital Lifestyle Products segment.

Redington (India) engages in the business of vendor-authorized end-to-end supply chain management of information technology (IT) hardware and software products. The company distributes a range of IT products, such as networking, storage, and enterprise products, as well as servers and software solutions.