Jhunjhunwala's Rare Enterprises picks up stake in Indian liquor firm Radico Khaitan
Ace investor Rakesh Jhunjhunwala bought 6.85 lakh shares of Indian liquor firm Radico Khaitan through his company Rare Enterprises. The transaction, which was conducted through open market, is valued at INR11.50 crore, according to The Economic Times.
Based on a disclosure with the Bombay Stock Exchange (BSE), Rare Enterprises acquired a total of 685,112 shares of Radico Khaitan at INR167.75 apiece. This is equivalent to a 0.5% stake in the firm, the report detailed.
The seller of the said holding, however, remain unconfirmed, said the report.
Yesterday, international fund house Morgan Stanley Asia Singapore had purchased almost 20.47 lakh shares in the liquor company at INR32.68 crore via open market route. This is equivalent to a 1.5% holding, the report stated.
Radico Khaitan is among the oldest and best liquor manufacturers in India, the report added.
Today, Radico Khaitan's shares climbed 3.03% on the Bombay bourse and closed at INR164.70 apiece, The Economic Times reported.