Redington divests 36% in its West Asia and Africa business for $98mn

Chennai-based Redington India has informed BSE that the company and Investcorp Gulf Opportunity Fund Company 1.B.S.C, a private equity investor, have concluded an agreement whereby Investcorp will invest $98 million (Rs 473 crore) for a 36 per cent stake in the company's Middle East and Africa (MEA) business.

This values the company's MEA business at $272 (Rs 1313 crore) million. Redignton expect that the transaction will get completed by middle of November 2008.