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Indian ace investor and stock market trader Rakesh Jhunjhunwala will invest nearly 31 crore in the lesser-known smallcap metals and mining company Raghav Productivity Enhancers, as informed by the company in an exchange filing on the BSE on Sunday. Shares of Raghav Productivity Enhancers continued to extend gains on Tuesday as it hit upper circuit and surged to a new high at 752.7 per share. The stock has been rallying since the past week.

The company said that it will issue up to 6,00,000 Unsecured Compulsory Convertible Debentures (CCD’s) for an amount of upto maximum 30.9 crore by way of a preferential allotment on Private Placement basis to Rakesh Jhunjhunwala. The CCDs will be converted into equity shares at the end of 18 months from the date of allotment.

Raghav Productivity Enhancers, based in Jaipur, Rajasthan, is among the largest manufacturers of Ramming Mass in India. Ramming mass is used in the lining of induction furnaces in Steel Plants. It also manufactures high grade quartz powder used in the Glass, Ceramic, Artificial Marble, Semi-Conductor, Electrode, Solar, Paint and various other industries. The company currently exports its material to 28 countries, while supplying its material to pan-India.

Known as the ‘Big Bull’, who has recently been bullish on the metals space, Jhunjhunwala made a fresh buying in the PSU metal company Steel Authority of India (SAIL) during the June quarter by buying 1.39% stake in the company, the BSE shareholding data showed.

His portfolio and investments are closely watched by the stock market participants. He is a qualified Chartered Accountant, manages the asset firm Rare Enterprises and invests in both his own name and his wife’s, Rekha Jhunjhunwala. He tends to favor stocks in the finance, tech, retail and pharma sectors to name a few. Rakesh Jhunjhunwala and Associates publicly holds 38 stocks with a net worth of over 20,294 crore, as per Trendlyne.

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