July 4 (Bloomberg) -- Standard Chartered Plc’s private equity unit bought about 10 percent of Redington India Ltd., a provider of supply-chain services, the head of the Indian company said.
“We had requested our two large shareholders to bring down their stakes to less than 26 percent,” R Srinivasan, managing director of Chennai-based Redington, said in a telephone interview today. “They acceded to the management request and brought down their share.”
Synnex Mauritius, a unit of Synnex Technology International Corp., owned a 27.71 percent stake in the company as of April 12, while Redington Mauritius Ltd. held 28.8 percent, according to Bloomberg data. A 12 percent holding in Redington was sold today in four block trades at 91.9 rupees a share, Bloomberg data show.
Redington Mauritius sold about an 8 percent stake and Synnex sold about 4 percent of the stock, Srinivasan said. Redington Mauritius is owned by Chanrai Investment Corp., he said. Institutional investors purchased about 2 percent of the company as part of the transaction, Srinivasan said.
Arijit De, a spokesman for Standard Chartered in Mumbai, declined to comment. Redington shares fell 1.1 percent to 88.15 rupees at 1:06 p.m. in Mumbai trading, giving the company a market value of 35.1 billion rupees ($790 million).
Srinivasan said the company considering making an acquisition in the Middle East or Africa and will spend less than $50 million. Redington India bought a 49.4 percent stake in Turkey’s Arena Bilgisayar Sanayi & Ticaret AS for $42.5 million last year.
“Going forward we will expand our geographies and our product portfolio,” said Srinivasan.
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