Rakesh Jhunjhunwala Picks Up 2.2% Stake in Indiabulls Housing Finance

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Rakesh Jhunjhunwala Picks Up 2.2% Stake in Indiabulls Housing Finance

By Aditya Raghunath

Investing.com -- Data showed that ace investor Rakesh Jhunjhunwala picked up a 2.2% stake in Indiabulls Housing Finance Ltd (NS: INBF ) in the June 2021 quarter. The stock has zoomed up 4% today and is trading at Rs 276.1 as of this report.

This shot in the arm is the latest in a series of positive news for the company. On June 11, Blackrock (NYSE: BLK ) Fund bought 25 lakh shares in the company taking its holding to over 3%. On June 29, the Indiabulls board approved a fundraise of Rs 5,000 crore via placement and $275 million by issuing shares and other instruments.

The company said, “The company believes that a capital raise aggregating up to $275 million...[approximately 12.5% post issue diluted share capital of the company, assuming full conversion of existing Foreign Currency Convertible Bonds/FCCBs] would set its ratings on an upward trajectory and help it get its rating upgrade to AA+ much sooner than would be the case otherwise.”

Indiabulls Housing Finance has said that its next target on the ratings front is to get upgraded to AA+ from its current rating of AA. This will help the company grow profitability.

The stock has gained over 23% since its closing price of Rs 223.95 on May 31.

 

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  • Archana Deo @Archana Deo
    when he wants to seel that time he publish the news
    Like 1
    • Ajay Uppal @Ajay Uppal
      @Archana Deo True. Rightly noted.
      Like 0
    • Vimanyu Chaturvedi @Vimanyu Chaturvedi
      It is mandatory to anyone having more than 1% stake in a company to disclose their holding every quarter. So no, this news does'nt come when he wants to, it comes after a certain quarter ends.
      Like 2
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