GQG Offloads ₹9,395 Crore Stake; Fidelity and Top Indian MFs Scoop Up Shares
Indian equity markets witnessed massive institutional action on Thursday as global investment firm GQG Partners divested a substantial 2.9% equity stake in diversified conglomerate ITC Limited. Executed via a dedicated block window on the Bombay Stock Exchange (BSE), the high-profile transaction saw approximately 365 million equity shares change hands at an average floor price of ₹257.35 apiece, totaling a mammoth deal consideration of ₹9,395.44 crore. The block deal absorbed extensive institutional interest, underscoring resilient domestic and global demand for the FMCG and hospitality giant.
Fidelity and ICICI Prudential Lead Institutional Buyers
Global asset manager Fidelity stepped up aggressively on the buying side, absorbing a significant portion of the offloaded equity. Fidelity Advisor Series VIII acquired 13.4 crore shares of ITC—amounting to roughly a 1.1% ownership stake—for an aggregate outlay of ₹3,448.5 crore. Domestically, ICICI Prudential Mutual Fund emerged as the largest local institutional buyer, scooping up 9.4 crore shares, or approximately 0.75% equity, committing ₹2,419.4 crore to bolster its portfolio allocation in the blue-chip counter.
Domestic Mutual Funds Absorb Remaining Equity Float
A consortium of leading Indian asset managers and life insurers participated actively to absorb the remaining tranche of GQG’s offloaded stake. State Bank of India's asset management arm, SBI Mutual Fund, purchased 3.76 crore shares representing about 0.3% equity for ₹967.75 crore, while Nippon India Mutual Fund absorbed 2.70 crore shares, amounting to a 0.22% stake valued at ₹696 crore. Additional institutional participation included marquee asset managers such as Edelweiss Mutual Fund, Mirae Asset Mutual Fund, and ICICI Prudential Life Insurance, ensuring seamless liquidity absorption at the negotiated BSE block deal price of ₹257.35 per share.
