Prime Focus rallies on stake hike by Rakesh Jhunjhunwala

Prime Focus has rallied 11% to Rs 47.75 in morning trades, after high net worth investor Rakesh Jhunjhunwala raised his stake by acquiring additional more than 1% stake through open market transactions on Tuesday.

Rakesh Jhunjhunwala purchased 2.55 million shares, representing 1.71% stake in visual entertainment services firm, from Royal Bank of Scotland (RBS) for Rs 42.05 per share, the bulk data shows.

As on April 13, Jhunjhunwala and his wife Rekha Jhunjhunwala held 5.93% stake in the company, while RBS' holding in Prime Focus stood at 1.99%.

A combined 1.58 million shares have already changed hands on the counter so far, against an average 520,000 shares that were traded daily in past ten trading days on the NSE and BSE.