Redington fixes price band of IPO at Rs 95 to Rs 113

Mumbai, Jan 11: Redington (India) has proposed to enter the capital market on January 22, 2007 with its initial public offering of 13,231,000 equity shares of Rs 10 each through 100 per cent book building process in the price band of Rs 95 to Rs 113.

Announcing this, Managing Director R Srinivasan today said the company seeks to dilute 16.99 per cent of the capital post-IPO. It proposes to raise around 150 crore at the upper-end of the price-band, he added.

Distributors of IT products and providers of logistics in India, the Middle East and Africa, Redington seeks to utilize the net proceeds of the issue for setting up four automated distribution centres(ADC) and 68 service&repair centres (SRC) in India. That apart, Mr Srinivasan said it will set up 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.

Recently, it has started distribution of mobile handsets and accessoried in Nigeria and in limited territories of India.

Enam Financial Consultants is the sole book running lead manager and Cameo Corporate Services is the registrar to the issue.

UNI