Intellect Design Arena Rebounds After Rakesh Jhunjhunwala Sells Stake

Intellect Design Arena shares rebounded a day after ace investor Rakesh Jhunjhunwala and his wife Rekha sold their entire 4.20 per cent shareholding in the IT firm for an estimated Rs 53.08 crore.

In yesterday's session, the stock fell as much as 10.42 per cent to hit intraday low of Rs 107.80.

In a filing to the BSE, Rakesh Jhunjhunwala said, "On February 14, I along with persons acting in my concert (Rekha Jhunjhunwala) have sold 42.50 lakh shares (4.20 per cent) of Intellect Design Arena".

"This takes our total shareholding in Intellect Design Arena to nil," he added.

 Based on the stock's weighted average price of Rs 124.91 on February 14, the transaction value is estimated at Rs 53.08 crore.

Intellect Design Arena is a Chennai-based company which deals in financial technology products for banking, insurance and other financial services.

As of 1:13 pm, shares of Intellect Design Arena traded 2.2 per cent higher at Rs 113.70.