Jhunjhunwala-backed Metro's shares hit 52-week high, late investor's wealth rises by Rs 221 cr on final trading day
Shares of late Rakesh Jhunjhunwala-backed Metro Brand climbed by nearly 7 per cent on Friday.
With shares of the company settling at a fresh high, Jhunjhunwala emerged as one of the biggest beneficiaries in the stock.
Metro Brand shares closed at a new 52-week high at Rs. 869 a share.
The veteran stock investor passed away early Sunday morning.
According to media reports, the rise in the stock appreciation for the footwear brand helped Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala's wealth climb by nearly Rs 221 crores in a day.
The stock is trading at its highest level since it got listed on December 22, 2021.
Jhunjhunwala was a pre-IPO investor in the company.
Rekha Jhunjhunwala holds 3,91,53,600 Metro Brands shares, which is 14.43 per cent of the total paid-up capital of the company and she is the third largest shareholder.
Metro Brands is one of the largest Indian footwear speciality retailers. As of March 31, 2021, the company has 644 Stores in 147 cities across 30 Indian states and Union territories.
The company retails footwear under its own brands Metro, Mochi, Walkway, Da Vinchi, and J. Fontini, and certain third-party brands such as Crocs, Skechers, Clarks, Florsheim, and Fitflop.