Rakesh Jhunjhunwala picks up 2.7 million shares in IIFL Securities

The ace investor Rakesh Jhunjhunwala has bought 2.7 million shares of IIFL Securities for Rs 11.92 crore in a bulk deal on BSE on Thursday. The shares were bought at a price of Rs 42.83 per share.

On Thursday, shares of IIFL Securities closed 4.9 per cent higher to Rs 44.95.

The retail and institutional broking house was listed on the bourses in September last year, after getting demerged from its parent IIFL Holdings.  

In the last three months, the share price of IIFL Securities has gained 46 per cent.

According to market participants, larger-sized brokers are expected to gain higher market share as investors are shying away from smaller brokers following the Karvy crisis and the case of mishandling of client securities.

Last year, financial services firm IIFL Holdings announced demerger of its wealth, finance and capital business into three separate entities and listed them on the bourses.