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Redington (India) Ltd plans to sell either a portion or all of its investment in its financial arm Easyaccess Financial Services Ltd to its promoter Harrow Investment Holding Ltd, Mauritius. Financial details of the transaction were not disclosed in a communication released by Redington to the BSE.
The selling price will be based on independent valuation reports of merchant bankers, however, not less than its book value. The company plans to obtain the approval of its members through postal ballot, the release said. In 2008, IT products distributor Redington acquired Easyaccess to help finance channel partners in the distribution network. Redington’s stock price on the BSE closed at Rs 62.60, down by 0.56 per cent over the previous day’s closing price.
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