Apple product distributor Harrow Investment sells 50% stake in Redington

Harrow Investment Holdings Ltd, a promoter of Redington (India), which distributes Apple products in India, has sold almost 61 per cent of its shares in the company for Rs 250 crore. The shares have been acquired by Norwegian government pension fund and Reliance Mutual Fund.

Both investors have together acquired 19,950,000 equity shares in the company, according to BSE Block deals.

Harrow Investment Holding Ltd, which was holding 32,777,599 equity shares with 8.2 per cent of the equity share as on March 2017, has sold 19,950,000 at Rs 125 per share through block deal, for a total consideration of Rs 249.57 crore.

Norges Bank, the central bank of Norway, on account of the Government Pension Fund Global, has acquired 11,950,000 equity shares of Redington for Rs 125 per share, for a consideration of Rs 149.37 crore. Reliance Mutual Fund acquired 7,000,000 equity shares for Rs 125 per share worth Rs 87.5 crore.

Mutual Funds hold around 14.24 per cent stake and Foreign Portfolio Investors hold around 27.01 per cent stake in the company. Harrow Investment Holding was formerly known as Redington Mauritius Limited (RML), Mauritius.