Jhunjhunwala buys 25 lakh DHFL shares; stock up 13%

Ace investor Rakesh Jhunjhunwala picked up 25 lakh (2.5 million) shares of the mortgage lender Dewan Housing Finance Corporation Ltd (DHFL) for nearly Rs 34 crore (Rs 340 million).

Jhunjhunwala purchased the shares of DHFL through the open market route, according to information available with the stock exchanges.

The scrips were bought on an average price of Rs 135.32 valuing the transaction at Rs 33.83 crore,

as per the data.

Meanwhile, Jwalamukhi Investment Holdings offloaded 22.75 lakh (2.28 million) shares of DHFL for an estimated Rs 30.25 crore (Rs 302.5 million).

Shares of DHFL surged by 13.02 per cent to settle at Rs 147.10 apiece on the BSE. At the end of Friday’s trade, the company's market valuation stood at Rs 1,887 crore (Rs 18.87 billion).

In July, realty major had exited the life insurance business by selling 74 per cent stake in its joint venture DLF Pramerica Life Insurance to Dewan Housing Finance for an undisclosed amount.