Shares of Indiabulls Real Estate rallied over 15 percent in early trade on Friday after ace investor Rakesh Jhunjhunwala's Rare Enterprises acquired the company’s shares worth nearly Rs 29 crore through an open market transaction.
The stock price jumped as much as 15.68 percent to an intraday high of Rs 63.80 apiece on the BSE. At 10 am, the shares were trading 11.88 percent higher at Rs 61.70 as against a 0.42 percent loss in the benchmark Sensex.
On Thursday, Rare Enterprises bought 50 lakh scrips of the company (representing 1.1 percent of the total paid-up equity shares) at an average price of Rs 57.73 apiece, as per NSE's bulk deal data. This took the total deal value to Rs 28.86 crore.
As per another transaction, Morgan Stanley Asia (Singapore) Pte-Odi offloaded 75.8 lakh shares of Indiabulls Real Estate at Rs 57.16 per scrip, valuing the deal at Rs 43.32 crore.
Morgan Stanley Asia (Singapore) Pte-Odi is a public shareholder of Indiabulls Real Estate, and held a 3.69 percent stake in the firm, as per the shareholding data for September 2020 quarter.
(With agency inputs)
(Edited by : Ajay Vaishnav)
First Published: IST