Jhunjhunwala buys 2.5 million DHFL shares

Ace investor Rakesh Jhunjhunwala on Friday picked up 2.5 million shares of the mortgage lender Dewan Housing Finance Corporation Ltd (DHFL)for nearly Rs 34 crore.

Jhunjhunwala purchased the shares of DHFL through the open market route, according to information available with the stock exchanges.

 

The scrips were bought on an average price of Rs 135.32 valuing the transaction at Rs 33.83 crore, according to the data. Meanwhile, Jwalamukhi Investment Holdings offloaded 2.275 million shares of DHFL for an estimated Rs 30.25 crore.

Shares of DHFL surged by 13.02% to settle at Rs 147.10 apiece on the BSE. At the end of today's trade, the company's market valuation stood at Rs 1,887 crore.

 

In July, realty major had exited the life insurance business by selling 74% stake in its joint venture DLF Pramerica Life Insurance to Dewan Housing Finance for an undisclosed amount.