Rakesh Jhunjhunwala’s name is missing from the list of important owners of Indiabulls Real Estate Ltd, according to the developer’s most recent shareholding pattern.
According to December quarter shareholding data, Jhunjhunwala owned 5 million shares of Indiabulls Real Estate, representing a 1.1 percent stake.
Companies that are publicly traded only list the names of investors who possess more than 1% of the company.
According to Indiabulls Real Estate Ltd, Jhunjhunwala has not sold any of his shares and continues to hold the same 50 lakh shares. However, due to an increase in capital, his holding has dropped below 1%.
“Since his stake on the then capital was 1.1 percent, his name was made public in the last SHP under the heading of shareholders holding moreover one percent,” it stated.
The announcement comes just one day after it was revealed that Jhunjhunwala had sold his interest in Escorts. According to sources, he possessed 75 lakh equity shares, or 5.68 percent of the firm, as of December 31, 2022. According to Escorts’ shareholding pattern for Q4 FY22, his name is missing from the list of individual shareholders who possess 1% or more of the company.
This means that Big Bull, which has owned the shares since December 2015, made a profit between January and March.
The corporation is set to release its September quarter results later that day.
Jhunjhunwala told ET Now on September 21 that there are early indicators that the real estate sector is coming up.
“The real estate sector has bottomed out,” he stated.
Meanwhile, foreign institutional investors have been decreasing their exposure to the company over the last two quarters, with their position falling to 14.20 percent at the end of September, down 390 basis points (bps) from the end of June.
Over the last three years, the stock has lost 71% of its value, while gaining only 3% over the last five years.
In H2 FY22, sales bookings more than doubled to 874 crores.
Indiabulls Real Estate’s sales bookings more than doubled to 874 crores in the first six months of the current fiscal year, bolstered by a rebound in housing demand. In the previous year’s same period, net sales were 368 crores. The gross collection grew to Rs 654 crore in the first half of FY22, up from Rs 284 crore the previous year.
The company posted a combined net profit of 5.64 crores for the September quarter, compared to a net loss of 76 crores the previous year. Total revenues increased to 381.24 crores from 50.70 crores in the same period the previous year.
