The Managing Director of Chennai based Redington India Ltd., R Srinivasan notified that company has requested its two large shareholders to bring down their stakes to less than 26%. They have responded positively to the management request and dragged down their shares.

During an interview with a television channel, R Srinivasan said: "We would like Redington to be a purely management run company. It has been the management's wish that none of the shareholders should hold more than 26 per cent stake. We have been talking to the two shareholders over the past that they should bring it down to 26 per cent and looks like they took our advice and brought it down to below 26 per cent”.

The Bloomberg data has suggested that Synnex Mauritius, a unit of Synnex Technology International Corp. has succeeded to own 27.71% stake in the company whereas, Redington Mauritius Ltd. held 28.8%. Further, it has notified that a 12% holding in Redington was sold today in four block trades at 91.9 rupees a share.

Meanwhile, a Spokesman for Standard Chartered in Mumbai, Arijit De, has refused to utter a word on the market scenario where Redington shares were observed to reduce by 1.1% to 88.15 rupees at 1:06 p. m. in Mumbai trading.