Shares of Redington Ltd., which is India’s largest reseller of Apple products, rose by more than 2 percent on Friday after public shareholder Synnex Mauritius Ltd sold its entire 24.13 percent stake in the company for Rs 3,200 crore.
Synnex Mauritius sold over 18 crore shares of Redington on Friday. The details of the buyer were not known immediately.
Synnex Mauritius held 18.85 crore shares or 24.13 percent equity of Redington as per the December quarter shareholding pattern.
Taiwan-based Synnex Technology International Corp, which is engaged in the sales of computer, communication, and consumer (3C) products had over 24 percent stake in fully public-owned Redginton through its subsidiary Synnex Mauritius Ltd.
Redington provides end-to-end supply chain solutions for all categories of IT products and consumer and lifestyle products to over 200 international brands.
Redington is present in India, Middle East, Africa, Turkey, Sri Lanka, Bangladesh, Singapore, and CIS countries.
On a global basis, its revenue increased by 31 percent QoQ to Rs 21,714.7 crore in the December quarter as against Rs 16,619.8 crore in the September period.
Operating Profit or EBITDA rose by 14 percent to Rs 621.7 crore during the quarter.
Shares of Redington India are trading 3 percent higher at Rs 177.95.
