Redington India receives US$ 98 Million funding from Investcorp for MEA Business

Redington India Ltd has announced that the Company and M/s. Investcorp Gulf Opportunity Fund Company 1.B.S.C (Investcorp), a well known Private Equity investor, have concluded an agreement whereby Investcorp will invest US$ 98 Million for a 36% stake in the Company's Middle East and Africa (MEA) business. This values the Company's MEA business at US$ 272 Million.

The Company expect that the transaction will get completed by middle of November 2008.

The stock closed the day at Rs.211, up by Rs.16 or 8.21%. The stock hit an intraday high of Rs.220.05 and low of Rs.195. The total traded quantity was 3860 compared to 2 week average of 4336.

Source : Equity Bulls

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