Jhunjhunwala, “who was in and out of the hospital for the last six months” has left his assets – direct holdings in listed and unlisted companies as well as immovable properties – to his wife and three children, said a person with direct knowledge of the matter who didn’t wish to be identified. His estate will be managed by executors comprising professionals and family members, the person added.

The bulk of Jhunjhunwala’s wealth comes from his investments in listed companies. He entered the stock market with ₹5,000 in mid-1985. The value of his listed holdings was about ₹29,700 crore as of August 12, with

being the most valued.

Jhunjhunwala’s investment outfit, Rare Enterprises – coined from the first two letters of his and his wife Rekha’s names – will be run by the current management team led by Utpal Sheth and Amit Goela.

In a statement, Rare Enterprises said: “True to his (Jhunjhunwala’s) nature and unerring eye for detail, he had planned and meticulously executed a smooth transition to sustain and enhance his legacy.”

Jhunjhunwala had been relinquishing his board positions in most of his investee companies in the last year due to health conditions and other preoccupations, the person said.

“Everything has indeed been planned meticulously,” said Berjis Desai, former managing partner of law firm J Sagar Associates. “Rakesh wanted the transition to happen flawlessly and smoothly,” said Desai, who helped Jhunjhunwala in the process. Desai knew the ace investor for 25 years and has also backed some of his companies such as Star Health and Akasa Air, “betting on Jhunjhunwala’s business acumen”.

Jhunjhunwala has three children – a daughter Nishtha (18) and twin sons, Aryamaan and Aryavir (13).

His immovable properties include a sea-facing building in Malabar Hill, Mumbai, purchased from Standard Chartered Bank for ₹176 crore in 2013, and a holiday home in Lonavala.