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Legal fraternity sources have revealed that top stockbroker and Big Bull Rakesh Jhunjhunwala has left a will which will provide direction and intent on his heirs and the handling of his colossal fortune, believed to be worth approximately Rs 50,000 crore.
He had arranged in his will to ensure his estate, including shares and property, is bequeathed to his wife and three children. In fact, he would often speak about his fourth child – charity – and a little part of his fortune will go to his favourite charities though the exact amount is not known.
His assets – direct holdings in listed and unlisted companies as well as immovable properties pass on to his wife and three children, said a person from the legal fraternity on condition of anonymity.
The Big Bull is known to own 35 company holdings with huge investments in: construction and contracting (11 per cent), miscellaneous (nine per cent), banks (private sector) (6 per cent), finance (general) (6 per cent), construction and contracting (civil) (6 per cent), pharmaceuticals (6 per cent), and banks (public sector) (3 per cent).
Jhunjhunwala has three children – daughter Nishtha (18) and twin sons, Aryamaan and Aryavir (13). He would call charity his fourth child.
While his listed holdings are reportedly worth Rs 50,000 crore, 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 long time legal associate Berjis Desai is reportedly the main executor of the will. The will be read out in the presence of his family after all the Hindu rituals are completed.
Desai, who is ex-managing partner of J Sagar Associates, has known the value investor for close to 25 years. He is now an independent legal counsel engaged in private client practice and also a co-investor in Jhunjhunwala’s new aviation venture Akasa Air.
