Man Infraconstruction Ltd rallies 9% as Rakesh Jhunjhunwala buys 30 lakh shares

NEW DELHI: Man Infraconstruction Ltd rallied as much as 8.8 per cent in trade on Friday, after ace investor Rakesh Jhunjhunwala picked up 30 lakh shares of Man Infraconstruction for about Rs 11 crore through the open market route.

At 09:35 a.m.; Man Infraconstruction was trading 7.5 per cent higher at Rs 46.45. It hit a low of Rs 43.65 and a high of Rs 47.25 in trade today.

According to the bulk deal data on the BSE, Jhunjhunwala bought 30,00,000 shares of Man Infraconstruction at a price of Rs 36 per share, valuing the transaction at Rs 10.8 crore, PTI reported.

The seller of the shares is Mansi Parag Shah, one of the promoters of Man Infraconstruction.

Man Infra provides construction services for ports, roads besides undertaking residential, industrial, commercial projects.