India's Redtape surges on report founders eye stake sale; tap KKR, Blackstone

Shares of Redtape REDT.NS jump as much as 8.2% to 125.7 rupees, last up 4.6%

Footwear firm's founders looking to sell majority stake, or even their entire holding worth nearly $510 million, and taps private equity firms KKR KKR.N and Blackstone BX.N, Reuters reported exclusively, citing a document and sources

REDT founding family, the Mirzas, appointed global consultancy Ernst & Young as exclusive financial adviser for divestment of their stake - report

REDT MD, chairman and Blackstone did not respond to a request for comment; EY and KKR declined to comment

Stock was down 0.5% before the news