Shares of Singer India Ltd. surged nearly 20% for the second consecutive session after Rakesh Jhunjhunwala’s Rare Investments bought a stake in the sewing machine maker.
Rare Investments bought 42.5 lakh shares in a bulk deal for Rs 53.5 apiece, according to data available on the BSE. Several other firms bought shares too. Singer’s parent Retail Holdings (India) B.V. was the major seller. It offloaded 1.2 crore shares at Rs 53.54 apiece.
The Rakesh Jhunjhunwala investment firm now holds around 8% in Singer India.
Shares of Singer India had jumped 20% on Tuesday on reports of the deal. This was confirmed after market hours. The stock jumped as much as 18.3% on Wednesday to Rs 81.8 apiece.