Mohnish Pabrai's fund buys 2% stake in Edelweiss Financial Services for Rs 148 crore

NEW DELHI: Indian-American businessman Mohnish Pabrai's fund has bought 2 per cent stake in Edelweiss Financial Services for an estimated sum of Rs 147.75 crore through open market transactions. Mohnish Pabrai's fund and persons acting in concert (PACs), have hiked stake in Edelweiss Financial Services by buying over 1.90 crore shares in open market transactions.

As per regulatory filing, Pabrai Investment Fund 3 Ltd, The Pabrai Investment Fund IV, LP, Dhandho India Zero Fee Fund LP, Dhandho India Zero Fee Offshore Ltd and Pabrai Investment Fund II, LP, bought 1,90,52,906 shares of Edelweiss Financial Services representing 2.03 per cent stake in the open market.

The shares were bought on December 3, 2020, and, based on the weighted average price of the stock at Rs 77.55 apiece, the transaction is estimated at Rs 147.75 crore.

Mohnish Pabrai's fund and persons acting in concert (PACs), held 5.04 per cent stake in Edelweiss Financial Services earlier. It has now gone up to 7.07 per cent.

Shares of Edelweiss Financial Services were trading 1.65 per cent down at Rs 80.50 apiece on BSE.