Rakesh Jhunjhunwala’s Will: Rs 30,000 Cr Fortune to Wife And Children
MUMBAI, (IANS) – Putting an end to all speculation, legal fraternity sources have revealed that top stockbroker Rakesh Jhunjhunwala has left a will that provides direction on the handling of his colossal fortune.
Jhunjhunwala, whose was worth approximately Rs 30,000 crore, had arranged to ensure his estate, including shares and property, is bequeathed to his wife and three children. A part of his fortune will go towards his favorite charities.
His assets – direct holdings in listed and unlisted companies as well as immovable properties – would pass on to his wife and three children. Jhunjhunwala has three children – daughter Nishtha (18) and twin sons, Aryamaan and Aryavir (13).
Known for his value investing model, the Big Bull is also known to head 35 company holdings. His major investments are in construction and contracting (11 percent), miscellaneous (nine percent), banks (private sector) (6 percent), finance (general) (6 percent), construction and contracting (civil) (6 percent), pharmaceuticals (6 percent), and banks (3 percent).
His immovable properties include a sea-facing building in Malabar Hill, Mumbai, purchased from Standard Chartered Bank for Rs 176 crore in 2013, and a holiday home in Lonavala.
Moreover, his longtime legal associate Berjis Desai is reportedly the main executor of the will. They will be read out in the presence of his family after all the Hindu rituals are completed. Desai, who is an ex-managing partner of J Sagar Associates, has known the value investor for close to 25 years. He is now an independent legal counsel.