Mumbai: India’s richest real estate entrepreneur Kushal Pal Singh became the country’s third trillionaire in rupee terms on 23 July, with a rise of 4% in his group’s flagship company DLF Ltd, pushing its market value to about Rs1,14,744 crore.
Singh has joined Mukesh Ambani and his younger brother Anil in the club of India’s rupee trillionaires. Their wealth, measured in terms of their holdings in various group companies, rose to about Rs1,61,000 crore and Rs1,05,000 crore respectively.
Following a 4.07% jump in the share price of DLF, which today settled at Rs673.05 at the Bombay Stock Exchange, Singh’s net wealth rose to approximately Rs1,01,250 crore at the end of the trading session.
According to information available with the stock exchanges, the total promoter holding in the New Delhi-based DLF, represented by Singh, is currently 88.24%.
Singh’s stake has appreciated by over Rs22,000 crore since the company’s listing, while DLF’s market cap has grown by over Rs25,000 crore in the same period.
DLF was listed on 5 July on a strong note, with the company’s market cap crossing the Rs1,00,000-crore mark on the very first day in the intraday trade. However, the company achieved a closing market cap of Rs1,00,000 crore only on 12 July.
Prior to the listing, Singh’s stake was worth about Rs79,000 crore, based on an offer price of Rs525 a share, at which the company sold its shares in its Rs9,187.5 crore public issue.
In dollar terms, Mukesh Ambani’s net worth has risen to $39.9 billion, with most of it coming from his group’s flagship company Reliance Industries, the country’s most valued firm with a market cap of about Rs2,66,300 crore.
Besides, his direct and indirect holdings in RPL, IPCL and Reliance Industrial Infrastructure have also been considered.
Anil follows at second position with a net worth of about $26 billion, by virtue of his stakes in companies like Reliance Communications, Reliance Energy, Reliance Capital, Reliance Natural Resources Ltd and Adlabs Films.
The two Ambanis are followed by Singh at the third position with a net worth of $25.1 billion, followed by Sunil Mittal of Bharti Airtel with over $22 billion and Wipro’s Azim Premji with close to $14.6 billion.
A sharp rally in the stock market, whose benchmark Sensex has appreciated by close to 55% in the past year, has added significant wealth to the kitty of investors with promoters of the large blue-chips garnering a significant portion by virtue of their holdings in these companies.
Earlier in March, US-based business magazine Forbes had ranked Mukesh Ambani as richest in India with a net worth of $20.1 billion, Anil at second with $18.2 billion, Premji at third with $17.1 billion, Singh at fourth with $10 billion and Mittal at fifth with $9.5 billion of wealth.
Based on current market value of the group companies of the five billionaires, their collective net worth stands at about $127.7 billion — representing a gain of over 70% from $75 billion mentioned by Forbes.
Their collective wealth of about Rs5,15,000 crore represents over 11% of the total investor wealth in Indian equity market of about Rs45,00,000 crore.