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Public shareholder Synnex Mauritius on Friday in a block deal sold its entire 24.13 per cent stake in the Chennai-based Redington Ltd for ₹3,214 crore to Synnex Technology International Corp, a Taiwan-based company engaged in the sales of computer, communication and consumer.
Redington, a $8.4 billion distribution and supply chain solutions provider, is India’s largest reseller of Apple products. Shares of Redington Ltd on the BSE closed at ₹176.55, up by ₹4.45 or 2.59 per cent. There was a spurt in volume by more than 2,220.08 times.
Synnex sold 10.88 crore shares of Redington at ₹170.45 per share for a total value of ₹3,214.55 crore, according to information in the Bombay Stock Exchange.
In August 2022, Synnex Mauritius announced plans to offload its entire stake in Redington.
At the end of third quarter ended December 31, 2022, Synnex was the largest shareholder with FIIs & FPIs holding 36.7 per cent; Mutual Funds 16.7 per cent and others holding 22.5 per cent.
Tu, Shu-Chyuan, VP, Group Business, Strategy & Development, and Chen, Yi-Ju, Vice Director, Finance, Planning & Management, Synnex Tech, Taiwan, were in Redington’s board as Non- Executive Directors.
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