IIFL Securities Ltd shares gained 5% in intra-day trade on Friday after renowned stock market investor Rakesh Jhunjhunwala bought a small stake in the company worth nearly Rs 12 crore.
Shares of IIFL Securities were locked in an upper circuit at Rs 47.15 compared with the previous close of Rs 44.95. Shares of sister firms IIFL Finance Ltd and IIFL Wealth Management Ltd also soared 7.5% and 3%, respectively.
Rakesh Jhunjhunwala’s RARE Enterprises bought 27.85 lakh shares of IIFL Securities through a bulk deal on BSE on 2 January, according to data available with the exchange.
RARE Enterprises bought shares at an average price of Rs 42.83 per share, taking the cumulative value of the deal to Rs 11.93 crore.
Exchange data also showed that there were pending buy orders of 6.4 lakh shares, with no sellers available. Data separately showed that Satpal Khattar sold 30 lakh shares of IIFL Securities at Rs 42.74 apiece. Khattar owned 62.16 lakh shares, or 1.95% stake, of the company at the end of the September quarter.
IIFL Securities started trading on stock exchanges in September 2019 after the board of directors of IIFL Holdings approved the reorganisation of the IIFL Group into three listed entities -- IIFL Finance (loans and mortgages), IIFL Wealth (wealth and asset management) and IIFL Securities (capital markets).
IIFL Securities shares made their debut on bourses on 20 September at Rs 41.65 on BSE. Since then, they have hit a high and low of Rs 47.70 and Rs 19.10, respectively.