Thursday, July 25News That Matters

Rakesh Jhunjhunwala invests Rs 55 crores in Edelweiss Financial Services,




In a block deal Rakesh Jhunjhunwala bought a 1.3% stake in homegrown financial services firm Edelweiss Financial Services on Thursday. Jhunjhunwala bought 1 crore shares of the firm at Rs 55 per share from GPC Mauritius, an FII which sold over 2.6 crore of Edelweiss shares at an average price of Rs 56.34 on the BSE.

Also read – Rakesh JhunJhunwala Portfolio Holdings – June 2014

According to bulk deal disclosures on the BSE, two funds managed by GPC Mauritius sold about 1.18 crore shares in one fund and another 1.44 crore shares in another. On June 5, the FII had sold 1.25 crore shares of Edelweiss, and as per the March 2014 shareholding data disclosed to the exchanges, GPC Mauritius holds about 1.85 lakh shares of the company.

In Thursday’s relatively strong market, Edelweiss stock closed at 10% up at Rs 60.

Additionally, ECL Finance Ltd, the NBFC arm of Edelweiss Financial Services, on Thursday announced the public issue of unsecured redeemable non-convertible debentures (NCDs) of face value of Rs 1,000 each, aggregating to Rs 200 crore.

The issue also comes with an option to retain over- subscription up to Rs 200 crore, aggregating to a total of Rs 400 crore, said the PTI report.

 The NCDs, which will open for subscription on June 17 and close on July 2, are in the nature of subordinated debt with a tenure of 70 months.

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