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Bengaluru woman stumbles upon late grandfather’s stock investments, becomes a crorepati: Report
During the COVID-19 lockdown, Priya Sharma found that her grandfather's 2004 investment in Larsen & Toubro shares had grown nine-fold, worth ₹1.72 crore.
Priya Sharma, a resident of Bengaluru, unexpectedly struck gold and became an overnight millionaire after unearthing her late grandfather's stock investments. Here’s how it happened:
In 2020, amid the COVID-19 lockdown, Sharma discovered that her grandfather’s 2004 purchase of 500 shares in Larsen & Toubro (L&T) had dramatically increased in value, according to a report. Over the span of 16 years, these shares had multiplied to 4,500, now worth an impressive ₹1.72 crore.
The surge in stock value turned Sharma into a crorepati, thanks to a nine-fold increase in the value of her grandfather's investment. However, she had to wait a whole year to get access to her inheritance.
Her grandfather, a businessman based in Mumbai, had originally invested in the shares and left them untouched. After his passing, these assets were forgotten, allowing the stocks to appreciate significantly over time.
During the pandemic lockdown in 2020, while confined to her home, Sharma delved into her grandfather’s will and uncovered these "hidden" shares, which had grown in number due to stock splits and bonus issues from the company.
However, claiming this wealth came with its challenges. As her grandfather’s assets were based in Mumbai, Sharma faced difficulties accessing them from Bengaluru. Moreover, since her grandfather had passed away, the inheritance needed to be processed through probate, a legal procedure to validate the will, the report said.
Without access to the original documents and share certificates, Sharma sought assistance from L&T. She was also required to navigate a complex process involving various bureaucratic hurdles. Share Samadhan, a firm specializing in such matters, helped her handle the extensive verification requirements, the report further noted.
Sharma had to fulfill stringent requirements from the company, L&T, including providing KYC details, affidavits, financial sureties, and undergoing an in-person verification. After a year of navigating these procedures, Sharma was finally able to secured her inheritance and become a crorepati, the publication stated.
