MUMBAI: Putting an end to all speculation, 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 fortune hereafter.
Jhunjhunwala, whose fortune is believed to be worth approximately Rs 30,000 crore, had arranged 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.
A part of his fortune will thus definitely go towards his favourite charities. His assets - direct holdings in listed and unlisted companies as well as immovable properties - would therefore pass on to his wife and three children, said a person from the legal fraternity on condition of anonymity.
Known for his value investing model, the Big Bull is said to own 35 company holdings. His major investments are 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 30,000 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, that is, succession and estate planning for HNIs and promoter families through wills, trusts and family arrangements; resolving family, testamentary and business disputes through mediation and confidential fast track arbitration; and regulatory aspects of offshore investments, residential status and citizenship, insolvency and asset reconstruction advisory.
He was also a co-investor in Jhunjhunwala’s new aviation venture Akasa Air.
“I have made a small investment. I understand aviation is a high-risk, high-reward business and generally people are cynical about it. But I believe there will be a boom for low-cost airlines in next five-seven years. It is a bet on Jhunjhunwala’s business acumen,” Desai had said at the time of investing.
This scotches speculation of all interlopers who were being perceived to be heirs to Jhunjhunwala’s wealth.