Morgan Stanley increases stake in Redington for Rs 107 cr

Morgan Stanley has acquired more 7.53 million shares

Morgan Stanley Investment Funds has increased its stake in Redington (India) by acquiring 7.53 million shares for an amount of Rs 106.5 crore.

The investor, which holds around 1.76 per cent of Redington's total shares through Morgan Stanley Investment Holding Company and another 1.29 per cent through Morgan Stanley India Investment Fund, has bought the additional shares through a bulk deal, according to BSE. The shares were sold by the Local Government Superannuation Scheme, for Rs 141.4 per share.

Harrow Investment Holding, the promoter of Redington, has recently exited the company by selling its 8.2 per cent share to various investors. As of March 2017, 29.8 per cent was held by Foreign Institutional Investors and FPIs, 23.6 per cent by Synnex Mauritius, 15.4 per cent by Standard Chartered Private Equity and 14.2 per cent by Mutual Funds.