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Business News/ Markets / Stock Markets/  Rakesh Jhunjhunwala portfolio stock hits upper circuit despite weak markets
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Rakesh Jhunjhunwala portfolio stock hits upper circuit despite weak markets

Rakesh Jhunjhunwala portfolio company on Friday announced to fully acquire its subsidiary company DB Man

Rakesh Jhunjhunwala had invested in this real estate company in the name of his wife Rekha Jhunjhunwala who holds 50 lakh stocks of the company.Premium
Rakesh Jhunjhunwala had invested in this real estate company in the name of his wife Rekha Jhunjhunwala who holds 50 lakh stocks of the company.

Rakesh Jhunjhunwala portfolio: Despite weakness in stock market today, Rakesh Jhunjhunwala-backed DB Realty shares have hit upper circuit in early morning deals. DB Realty share price today opened with an upside gap and went on to hit its intraday high of 113.15 apiece, logging 5 per cent rise and locking-in upper circuit as well.

On Friday, DB Realty had Indian stock market exchanges about fully acquiring its subsidiary company DB Man, in which the company already held 91 per cent stake. Now DB Man is wholly owned subsidiary company of DB Realty.

"We would like to inform you that the Company has acquired entire equity shares of DB Man Realty Limited ("DB Man"), a subsidiary company in which the Company/ its nominees already hold 91% stake. Post-acquisition of the shares by the Company, DB Man shall be a Wholly Owned Subsidiary of the Company," DB Realty said.

Informing BSE about the acquisition related details, DB Realty said, "The acquisition of shares by the Company is a related party transaction and one of the Promoters /KMP and relatives have interest in the equity shares being acquired from Conwood Agencies Pvt. Ltd., existing shareholder of DB Man. The transaction of purchase of shares is done at arm length."

On objective of this acquisition, DB Realty said, "The objective of purchase is to make DB Man a wholly owned subsidiary company. The Company intends to purchase entire 12,60,000 equity stake from existing shareholder of DB Man."

Rakesh Jhunjhunwala shareholding in DB Realty

According to DB Realty shareholding pattern for April to June 2022 period, Rakesh Jhunjhunwala had invested in this real estate company in the name of his wife Rekha Jhunjhunwala. In shareholding pattern for June ended quarter, Rekha Jhunjhunwala was holding 50 lakh shares of the company or 1.73 per cent stake in the company. Rakesh Jhunjhunwala had kept his shareholding in this company steady as Rekha Jhunjhunwala was holding same 50 lakh DB Realty shares in shareholding pattern of the company for January to March 2022 quarter.

DB Realty share price history

This Rekha Jhunjhunwala-owned stock has doubled shareholders' money in year-to-date (YTD) time. DB Realty share price has ascended from around 49 to 113.15 apiece levels, logging around 130 per cent rise in 2022.

Stock market today

Since, early morning deals on Monday, Dalal Street has been under sell-off heat. At 1:48 PM, NSE Nifty was trading 114 points lower at 17,200 levels whereas BSE Sensex was 0.60 per cent lower at 57,844 mark. Bank Nifty shed 85 points and came below 39,100 mark.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
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Published: 10 Oct 2022, 01:46 PM IST
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