Bahrain-based private equity (PE) investor, Investcorp (IVC), has brought down its stake in Redington (India)’s step down subsidiary from 25.94 per cent to 14.50 per cent. This would be the first tranche as part of the PE firm’s exit from the company.
Redington International Mauritius Limited (RIML) has completed the acquisition of 1,71,045 shares constituting 11.44 per cent of its subsidiary Redington International Holdings Limited (RIHL) from Investcorp, Redington has said in a filing to the BSE. Post the transaction, RIML’s holding in Redington (India) has gone up to 80.96 per cent from the earlier 62.52 per cent.
It may be noted that Redington (India) Limited, had in December 2011, said that it would acquire 25.97 per cent shares of its step down subsidiary RIHL from IVC at a negotiated purchase consideration of $113 million (around Rs 597 crore).
The PE company had invested around $98 million in Redington (India) in the 2008. During the investment time, Redington said that the investment was mainly to support the company’s Middle East and Africa (MEA) business.
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