After a four-year hiatus, ace investor Rakesh Jhunjhunwala has raised his stake in Aptech, the only investment where he holds management control. Since August this year, Jhunjhunwala has mopped up 14.63 lakh shares through bulk deals on the NSE at an average price of 129 per share, to take his overall holding to 49.30% from 45.28%. The last tranche on September 7 saw the investor pick up 7.63 lakh shares at an average price of 149.11 a share, cumulatively worth 11.54 crore. Post the acquisition, the stock has surged 36% to 175.
Interestingly, since the time that Jhunjhunwala first invested in the stock in 2005, he has not managed to cash in on his investment even as the stock hit a meteoric high of 436 in 2007 before plummeting to its all-time low of 65 in 2012. In fact, he has only been ramping up his holding in the Mumbai-based IT education company. It was in 2005 that Jhunjhunwala had first acquired a 10% stake for 81 crore, at 56 a share, from the Chennai-based Kalpathi Suresh, founder of IT training firm SSI. Close to six transactions since 2005 pegs Jhunjhunwala’s average buying price at 91.37, resulting in a mark-to-market gain of 92% against the current market price of 177. Adding to these gain is the cumulative dividend of 30 crore that Jhunjhunwala has got since FY10.