Dec 27, 2006
Jerry Rao nets Rs 24cr in one week
Jerry Rao, chairman of MphasiS, has raked in nearly Rs 24 crore within a week, from December 15 to 22, 2006.
On December 15, Rao sold 1,71,621 shares, which on a price of around Rs 290, netted him close to Rs 5 crore. On December 22, he shed another 6.4 lakh shares which got him around Rs 18.5 crore, taking the total to about Rs 24 crore. After this transaction, Rao's holding in MphasiS has come down to 2.45%.
This is the second large tranche of shares Rao has shed after he tendered 18,75,000 shares during mid-May 2006 in response to EDS's first open offer of Rs 204.50 per share giving him close to Rs 38 crore.
Recommendation : Buy -- Target -- 310 ( Short term hold )
Source : Business Standard