JD Sports (JD.) largest investor has sold almost 24m of its shares in the retailer, equivalent to 2.5 per cent of JD's issued share capital, prompting a sharp drop in the share price.
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Pentland, a brand management company, raised more than £177m from institutional investors from the sale, which it says it will use to fund future investments, as well as “increasing the free float to meet the increasing interest expressed by JD and other shareholders”. It retains a 55 per cent stake in the group.
