Indian stocks trader Rakesh Jhunjhunwala acquired a 1.59% stake in Canara Bank during the April-June quarter, shareholding patterns reveal. According to the public sector bank’s regulatory filing, Jhunjhunwala has acquired 2,88,50,000 equity shares of face value Rs 10 each in the bank.
Canara Bank on Tuesday said that it had allotted 16.73 crore shares in the ₹2,500 crore qualified institutions placement (QIP). The QIP which opened on August 17, concluded on August 23. Jhunjhunwala increased the stakes in Fortis Healthcare to above 5% on Tuesday. In June the business tycoon had raised the stakes to 4.31% in the company.
In an interview with TimesNow, the stock trader had said that he was bullish on banks. “When there is demand for money, banks will get bargaining power and then lenders that can garner deposits will get that power so I’m bullish on the banking sector as a whole and especially on the old public sector banks because they have the cheapest valuations and are going to see the biggest upside in earnings.”
According to TimesNow, Canara Bank will be the third company in which Jhunjhunwala has acquired stakes. During Q1FY22, he had also acquired stakes in Steel Authority of India Limited (SAIL) and Indiabulls Housing Finance.