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Redington to tap market

Our Corporate Reporter

CHENNAI: Redington (India) Ltd., distributor of IT products and provider of logistics, is entering the capital market on January 22 with a public issue of equity shares of Rs. 10 each through the 100 per cent book building process in the price band of Rs. 95-113. The issue closes on January 25, says a release.

The net proceeds of the issue will be utilised to establish four automated distribution centres (ADC) and 68 service and repair centres (SRC) in India, setting up of an ADC in Dubai and installation of an enterprise resource planning system for operations in the Middle East and Africa through investment in its wholly owned subsidiary, Redington Gulf FZE, and investment in wholly owned subsidiary Cadensworth (India) Pvt. Ltd. for the establishment of an SRC for LCD repairs, upgradation of capacities of existing SRCs for processors and motherboards and establishment of an SRC for networking products.

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