Redington India block deal: Stock rallies after Synnex Mauritius sells 24.13% stake
1 min read . Updated: 24 Feb 2023, 12:08 PM IST
Premium- The stock was trading at ₹177.20 apiece on the NSE at around 11:58 am, higher by 2.96 percent after erasing some of its opening gains
Shares of information technology solutions provider Redington India opened 5 per cent higher on Friday after Synnex Mauritius likely sold 18 crore shares or 24.13% equity of the company worth ₹3,200 crore in a block deal window.
The stock was trading at ₹177.20 apiece on the NSE at around 11:58 am, higher by 2.96 percent after erasing some of its opening gains.
Last year in August, Synnex Mauritius had said it would sell its stake in Redington (India) Limited.
Meanwhile, Redington Ltd has registered a standalone net at ₹141.38 crore for the quarter ending 31 December, 2022. The city-based firm had recorded a standalone net of ₹137.45 crore during the corresponding period of last fiscal.
Total income for the reporting quarter rose to ₹9,448.40 crore as against ₹7,098.23 crore in the year-ago period.
"In Q3FY23 our focus on digital transformation combined with our core strength in innovations, technology, and partnerships enabled us to fast-track the customer journey of tech adoption by reducing redundancies that cause technology friction," company Managing Director Rajiv Srivastava has said.