Edelweiss Financial rebounds after huge block deals

The stock moved higher by 4.5% to Rs 140, bouncing back 10% from its early morning low of Rs 127.

Edelweiss Financial Services moved higher by 4.5% to Rs 140, bouncing back 10% from its early morning low of Rs 127, after a more than 8% of total equity capital of the company exchanged hands via multiple block deals on BSE.

At 09:15 am; around 71.59 million equity shares representing 8.6% of total equity of Edelweiss Financial Services, exchanged hands on BSE, the exchange data shows.

The name of the buyers and sellers were not ascertained immediately.

As of December 31, 2016, First Carlyle Ventures Mauritius held 68 million or 8.19% stake in financial services firm, the shareholding pattern data shows.

Among the individual public shareholders, Ace investor Rakesh Jhunjhunwala, Deepak Mittal, Priya C Khubchandani and Naresh Lakshmansingh Kothari are holding more than 1% stakes each in the company, the data shows.

In past two months, the stock has outperformed the market by surging 43% as compared to 8% rise in the S&P BSE Sensex.

At 09:45 am; it was up 3% at Rs 137 with a combined 88.11 million shares changing hands on BSE and NSE so far.