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IIFL Securities jumps 5% after Rakesh Jhunjhunwala picks stake in firm

Jhunjhunwala bought 27.85 lakh shares of IIFL Securities on Thursday at an average price of Rs 42.83 per share, according to the BSE bulk deal data. The total value of the purchase is about Rs 12 crore.

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Last Updated: Jan 03, 2020, 03.40 PM IST
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The total value of the purchase is about Rs 12 crore. The data separately showed that Satpal Khattar sold 30 lakh shares of IIFL Securities at Rs 42.74 apiece.
NEW DELHI: Shares of broker IIFL Securities hit 5 per cent upper circuit limit on BSE in Friday's session after ace investor Rakesh Jhunjhunwala acquired a stake in the company.

Jhunjhunwala bought 27.85 lakh shares of IIFL Securities on Thursday at an average price of Rs 42.83 per share, according to the BSE bulk deal data.

The total value of the purchase is about Rs 12 crore. The data separately showed that Satpal Khattar sold 30 lakh shares of IIFL Securities at Rs 42.74 apiece. Khattar owned 62.16 lakh shares of IIFL Securities or 1.95 per cent stake at the end of the September quarter.

IIFL Securities debuted on exchanges on September 20 last year following its demerger.

Last year, financial services firm IIFL Holdings announced the demerger of its finance, wealth and capital business into three separate entities and listed them on bourses.

The stock closed at Rs 44.95 on the BSE on Thursday, up 4.9 per cent from its previous close. Year to date, the stock has gained 15.2 per cent.

The stock closed 4.89 per cent higher at Rs 47.15 on BSE in Friday's trading session.

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