News Room

2007

12 / Jan

Redington plans to raise Rs 149.5cr thru IPO

 Redington (India), Chennai-based provider of IT products and support services, is coming out with an initial public offering, IPO to raise around Rs 149.5 crore in the upper end of the price band of Rs 95-113 per share.

The proceeds will be used to part-fund setting up of automated distribution centres, ADCs and service and repair centers, SRC in India and Dubai, reports The Hindu Business Line.

The company's offering of 1.32 crore equity shares of Rs 10 each comprises about 16.99% of the fully diluted post-issue paid up capital of the company. The issue opens on January 22 and closes on January 25.

Redington is a distributor of IT products and a provider of logistics, supply chain management and other support services in India, West Asia and Africa. The company is to set up four automated ADCs in India and Dubai, apart from 68 SRCs in India.

"We will invest about Rs 42.5 crore in our wholly owned subsidiary Redington Gulf FZE for establishing ADCs in Dubai and to install enterprise resource and planning systems for operations in Middle East and Africa," R Srinivasan, Managing Director, Redington said.

Enam Financial Consultants and Cameo Corporate Services are the lead managers to the issue

 

Source : Moneycontrol.com, dated 12th Jan 2007