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Shares of Indiabulls Real Estate surged 16 per cent to Rs 63.90 on the National Stock Exchange (NSE) on Friday, rallying 32 per cent in two days after Rare Enterprises acquired 5 million shares of the real estate company via open market on Thursday.
On November 12, 2020, Rare Enterprises, owned by ace investor Rakesh Jhunjhunwala, purchased 5 million equity shares, or 1.1 per cent equity stake, in Indiabulls Real Estate via open market transaction. Rare Enterprises bought shares worth of Rs 28.86 crore at price of Rs 57.73 per share, bulk deals data available on the NSE showed.
On the other hand, Morgan Stanley Asia (Singapore) Pte - ODI sold 7.58 million representing 66 percent of the total paid-up equity in Indiabulls Real Estate at Rs 57.16 per share. The names of the other buyers not ascertained immediately.
Morgan Stanley had held 16.79 million shares, or a 3.70 per cent equity stakek in Indiabulls Real Estate as on September 30, 2020, the shareholding pattern data shows.
At 09:32 am, Indiabulls Real Estate was trading 14 per cent higher at Rs 62.80 on the NSE, as compared to 0.54 per cent decline in the Nifty50 index. A combined 11.7 million shares have already changed hands on the counter on the NSE and BSE.
Despite a strong rally in the past two trading days, the stock has underperformed the market in the last three months by falling 8 per cent, against 11 per cent surge in the Nifty50 index. It hit a record low of Rs 36.85 in March 2020.
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