Business · India Bureau
GQG Partners offloads 2.91% ITC stake for ₹9,395 crore
Global investment firm GQG Partners has divested its entire 2.91% stake in cigarette-to-hotels conglomerate ITC through a block deal valued at ₹9,395.4 crore, with domestic mutual funds emerging as key buyers.
LSN India ·
GQG Partners entities completed the sale of 36.5 crore ITC shares on the BSE on Thursday, marking a significant reduction in the American investment manager's exposure to India's largest cigarette manufacturer. The block deal was executed at ₹257.25 per share, translating to the ₹9,395.4 crore transaction value.
Mutual funds constituted a substantial portion of the buyers in the transaction, according to market sources. The divestment comes as ITC shares declined 4.03% on the day of the block deal, reflecting broader market sentiment around the transaction and the wider market environment.
GQG Partners, known for its significant investments across Indian equities, has progressively adjusted its portfolio positioning in recent months. The exit from ITC represents one of the notable changes in the global investment manager's India holdings.
The placement of ITC shares with domestic institutional investors underscores the continued appetite among Indian mutual funds for large-cap bluechip stocks despite near-term market volatility. ITC remains a key component in many Indian equity indices and mutual fund portfolios.