Ace investor Rakesh Jhunjhunwala has reduced his stake in realty player Indiabulls Real Estate. The news comes after it emerged that he cut his stake in auto firm Escorts.
According to the December quarter shareholding data, Jhunjhunwala held 50 lakh shares or a 1.1 percent stake in Indiabulls Real Estate. However, as per the latest shareholding data, his name does not appear in the key shareholder list, those who own over 1 percent equity.
The firm told Moneycontrol that Jhunjhunwala hasn't sold any of his stakes and continues to hold the same 50 lakh shares. But it said his holding has gone below 1 percent, due to an increase in capital.
Earlier this week, it was announced that the ace investor reduced his stake in auto firm Escorts after the firm declined around 15 percent in 2022 year-to-date (YTD). The investor held over a 5 percent stake in the tractor maker in the previous quarter, but as of the March quarter data, he is not among its key shareholders.
Data available with the exchange showed that Jhunjhunwala’s name was not among the 'Individual share capital in excess of Rs. 2 Lacs' of the company as of March 31, 2022. He owned a 5.22 percent equity in the company as of December 31, 2021. Earlier this quarter, he increased his stake in the firm a bit as well, he had a 5.68 percent stake, or 75 lakh shares, in Escorts as of February 18, 2022.
Meanwhile, Indiabulls Real Estate has raised ₹865 crore through the Qualified Institutional Placement (QIP) issue which closed on April 12.
Authum Investment and Infrastructure Ltd, Nippon Life India Trustee Ltd-A/C Nippon India Multi-Cap Fund, Copthall Mauritius Investment Ltd, Morgan Stanley Asia (Singapore), Societe Generale, and Baillie Gifford Pacific Fund participated in the QIP issue.
The realty stock, which more doubled investor wealth last year (2021), has declined over 31 percent in 2022 year-to-date.
