Redington (India) inches up after completing stake transfer in subsidiary

Redington (India) rose 0.77% to Rs 72.35 at 10:09 IST on BSE after the company said it has transferred its balance 14% shareholding in Easyaccess Financial Services to the promoter company, Harrow Investment Holding, Mauritius.

The announcement was made after market hours on Tuesday, 25 March 2014.

Meanwhile, the S&P BSE Sensex was up 72.56 points or 0.33% at 22,127.77.

On BSE, so far 28,000 shares were traded in the counter as against average daily volume of 4.01 lakh shares in the past two weeks.

The stock was volatile. The stock rose as much as 2.5% at the day's high of Rs 73.60 so far during the day. The stock rose 0.62% at the day's low of Rs 72.25 so far during the day.

With the transfer of its balance 14% shareholding, Redington (India) has completed the sale of 100% shareholding in Easyaccess Financial Services (Easyaccess) to Harrow Investment Holding, Mauritius.

It may be recalled that Redington (India) had on 29 January 2014 said that consequent to the approval of the shareholders through postal ballot, the company's promoter company, Harrow Investment Holding, Mauritius has completed the acquisition of 86% equity interest in Easyaccess.

Redington (India)'s consolidated net profit rose 5.8% to Rs 86.67 crore on 16.3% growth in net sales to Rs 7126.84 crore in Q3 December 2013 over Q3 December 2012.

Redington (India) and its subsidiaries operate mainly in information technology distribution business besides supply chain solutions, after sales service of information technology and other products and financial services.

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