New Delhi, Dec 8 (PTI) 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.

Also Read | Nicki Minaj Birthday: From a Fried Chicken Necklace to Pompom Ball Top - 5 of the Wackiest Appearances Made by the Rapper.

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.

Also Read | LG K42 & LG K52 Budget Smartphones to Be Launched in India Soon: Report.

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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)