Canara Bank: Rekha Jhunjhunwala increased stake in PSU bank in December quarter

Rakesh Jhunjhunwala's better half Rekha Jhunjhunwala has increased her shareholding in the state-run lender Canara Bank during the December 2022 quarter, the latest shareholding data suggests.

Rakesh Jhunjhunwala, who passed away on August 14, 2022, was among the key shareholders of the Canara Bank in the September 2022 quarter. His shareholding has been transferred to the name of his wife Rekha Jhunjhunwala.

Rekha Jhunjhunwala's stake in Canara Bank stood at 3,75,97,600 equity shares or 2.07 per cent as of December 31, 2022. Her husband, Rakesh Jhunjhunwala, held 2,68,47,400 equity shares or 1.48 per cent stake as of September 30, 2022.

The spouse of demised legendary investors bought 1,07,20,200 equity shares of Canara Bank between October and December 2022 period, the shareholding pattern suggests.

Rekha Jhunjhunwala's latest shareholding in Canara Bank is worth about Rs 1,205 crore.

Shares of Canara Bank have almost doubled from its 52-week low of Rs 171.7 on June 20, 2022. The counter hit a 52-week high of Rs 341.6 on Tuesday, January 3, 2023. However, the scrip settled at Rs 320.35 on Friday, January 7.

Canara Bank's share have soared about 50 per cent in the last one year, whereas the scrip has remained in flat in the last one month's time frame, with marginal return.

Motilal Oswal Financial Services has assigned a 'buy' rating on Canara Bank with a target price of Rs 380. It expects growth in the business to remain steady and asset quality and slippages to moderate.

Bengaluru headquartered Canara Bank was established in the year 1906 and is under the control and ownership of the Ministry of Finance, Government of India. The bank also has offices in London, Dubai and New York.

According to the data from Trendlyne, Rakesh Jhunjhunwala and associates publicly hold 30 stocks with a net worth of over Rs 33,405.7 crore, as per the latest corporate shareholdings filed so far.

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