Indiabulls Housing Finance share price rises after Rakesh Jhunjhunwala buys 2.2% stake in June quarter

© Kshitij Anand Indiabulls Housing Finance share price rises after Rakesh Jhunjhunwala buys 2.2% stake in June quarter

Indiabulls Housing Finance share price rose over 3 percent in the morning trade on July 22 after reports said ace investor Rakesh Juhunjhunwala picked up a stake in the company in the June quarter.

Jhunjhunwala acquired a 2.2 percent equity stake in the leading mortgage lender in the June quarter. He bought 1 crore equity shares, or 2.17 percent, of the paid-up equity capital of Indiabulls Housing, the shareholding pattern for the June 2021 quarter published on July 21 shows.

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The stock was trading at Rs 275, up Rs 8.9, or 3.34 percent. It has touched an intraday high of Rs 278.80 and an intraday low of Rs 272.60.

Blackrock Funds on June 11 acquired more than 25 lakh shares in the housing finance company, taking its stake to over 3 percent.

At the end of the June quarter, the shareholding of Blackrock Funds increased to 3.54 percent from 2.55 percent at the end of March 2021.

Blackrock Global Funds Emerging Markets Fund held 1.10 percent stake in Indiabulls Housing Finance, Blackrock Emerging Frontiers Master Fund 1.15 percent and Blackrock Strategic Funds-Blackrock Emerging Markets 1.29 percent as of June 2021.

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