Indiabulls Housing Finance gains over 4% after Rakesh Jhunjhunwala acquires 2.2% stake

Shares of Indiabulls Housing Finance were up over four percent on Thursday after ace investor Rakesh Jhunjhunwala acquired a 2.2 percent equity stake in the company, in the quarter ended June 2021. In the current year 2021 so far, the country’s leading mortgage lender has rallied 20.8 percent.

The big bull bought one crore equity shares or 2.17 percent of the total paid-up equity capital of Indiabulls Housing, as per the shareholding pattern of the June 2021 quarter published on July 21. He did not hold any stake in the previous quarter, the data showed.

In June, Blackrock Funds had acquired additional over 25 lakh equity shares in the housing finance company on June 11, taking the total stake to over 3 percent in the company.

Meanwhile, on June 29, Indiabulls Housing Finance’s board of directors approved fundraising of Rs 5,000 crore on a private placement basis, and another $275 million by issuing equity shares or other instruments.

Indiabulls Housing, one of India’s leading housing finance companies (HFC), is part of Indiabulls Group and offers home loans in the affordable housing segment. The mortgage financier reported a two-fold jump in its net profit to Rs 276 crore in the quarter ended March.

At 10:50 am, Indiabulls Housing Finance shares were trading 3.91 percent up at Rs 276.35 apiece on the BSE.