Rakeah Jhunjhunwala Bags 2.7 Million IIFL Security Shares

The top investor Rakesh Jhunjhunwala has managed to bag 2.7 million IIFL security shares. Rakesh bagged the bulk deal on BSE worth 11.92 crores at a price of Rs 42.83 per share, reported the leading newspaper Business Standard.

The IIFL security shares closed at 4.9 per cent higher to Rs 44.95.

The IIFL retail and institutional broking house were listed in the bourses last September after it was demerged from its parent company IIFL Holdings. The company has managed to increase in share price in the last three months, there has been a 46 per cent increase.

According to market participation, large-sized brokers are always expected to gain greater market share because investors are avoiding smaller brokers after the Karvy crisis and case of mishandling of client securities.

Last year, the parent company, IIFL Holdings announced the demerger of its wealth, finance and capital business into three separate companies. IIFL Holdings also listed them separately on the bourses.