Jhunjhunwala increases stake in Edelweiss, stock rises over 7%

New Delhi: Ace investor Rakesh Jhunjhunwala increased his stake in , lifting the shares of the financial services firm over 7 per cent during the afternoon trade on Friday.

According to the regulatory filing by the company on BSE, the big bull held 1,51,25,000 equity shares or 1.61 per cent stake in the company, as of June 30, 2021. His stake in the company is worth over Rs 125 crore.

At the end of March 2021 quarter, Jhunjhunwala had 1,11,25,000 equity shares or 1.19 per cent stake in the company, the data showed.

Shares of Edelweiss Financial Services surged over 7 per cent to Rs 84.50 on Friday. It settled at Rs 78.65 on Thursday.

According to the data provided by Trendlyne, Jhunjhunwala’s stake kept his stake unchanged in the company at 1.2 per cent for the four previous quarters. In the March 2020 quarter, the Dalal Street veteran held 1 per cent stake in the company.

Edelweiss Financial Services has been a decent performer in the last one year. The counter has gained over more than 15 per cent during the period. It has surged over 22 per cent in the year 2021 so far.

Life Insurance Corporation of India kept its stake unchanged. The insurance behemoth has 2,42,82,094 equity shares or 2.59 per cent stake in the company.

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