Rakesh Jhunjhunwal-backed Rare Investments made investment in sewing machine maker Singer India on August 16. Rare Investments bought 42,50,000 shares of the company at an average price of Rs 53.50 valuing the deal at Rs 22.73 crore, data from BSE bulk deals showed.
After Jhunjhunwala-backed Rare Investments purchased Singer India shares, the stock witnessed fresh buying interest and has led to 47 per cent jump in the stock in last two sessions to hit high of Rs 84.50 in intraday deals. The stock traded at the upper circuit for two days in a row, data from BSE showed.
Apart from Rare Investments, Pivotal Business Managers bought 7.5 laks shares, PGA Securities purchased 24.50 laks shares, Authum Investment & Infrastructure bought 5.68 lakh shares, Mansi Share & Stock Advisors purchased 3.35 lakh shares, Gauri Tandon bought 7 lakh shares, Seven Hills Capital purchased 4 lakh shares and Veena Kumari Tandon bought 7 lakh shares. While, Retail Holdings (India) B.V. sold 1.2 crore shares of the company.
Billionaire stock market investor Jhunjhunwala died in Mumbai on Sunday morning following a cardiac arrest. Jhunjhunwala was suffering from multiple health issues.
He had been undergoing treatment for multiple health issues including kidney ailment, as per reports. He was last seen at the launch event of Akasa Air. He also had stakes in the country's leading listed companies like Titan, Aptech, Lupin, Federal Bank, Tata Motors and Nazara Technologies among others.
A self-made trader, investor and businessman, he was also known as the 'Big Bull' of Dalal Street. With an estimated net worth of around $5.8 billion (about Rs 46,000 crore), Jhunjhunwala was the 36th richest billionaire in India, according to Forbes' 2021 listing.
As of 12:29 pm, Singer India shares traded 4 per cent higher at Rs 82.15 outperforming the Sensex which was down 0.4 per cent.