Indiabulls Real Estate jumps 16% after Jhunjhunwala’s Rare Enterprises buys stake

Rare Enterprises bought 50 lakh scrips of the company at an average price of ₹57.73 apiece, as per NSE’s bulk deal data.

The stock of Indiabulls Real Estate on Friday zoomed nearly 16 per cent in early trade after ace investor Rakesh Jhunjhunwala’s Rare Enterprises acquired the company’s shares through an open market transaction.

Shares of Indiabulls Real Estate on Thursday closed 13.77 per cent higher at ₹54.95 on the NSE. (Bloomberg)

Following the move, the stock jumped 15.68 per cent to ₹63.80 on the BSE.

It gained 15.97 per cent to ₹63.90 on the NSE.

Rare Enterprises bought 50 lakh scrips of the company at an average price of ₹57.73 apiece, as per NSE’s bulk deal data on Thursday.

This took the total deal value to ₹28.86 crore.