GQG Partners sells 2.91% stake in ITC for Rs 9,395 crore

US-based investment firm GQG Partners has sold a 2.91 per cent stake in the Indian FMCG major ITC for approximately Rs 9,395 crore. The transaction was executed through 14 separate block deals on the BSE at an average price of Rs 257.35 per share.

In addition to the GQG sale, the UK-based investment trust Alliance Witan offloaded 16.11 lakh shares of ITC, valued at Rs 41.46 crore. Following the transaction, ITC shares closed down more than 4 per cent at Rs 254.05 on the BSE.

A variety of domestic and foreign institutional investors acquired the shares. US-based Fidelity International was the largest buyer, purchasing 13.4 crore shares for roughly Rs 3,448.49 crore, representing a 1.07 per cent stake. Other participating buyers included Morgan Stanley, BNP Paribas, Citigroup Global Markets Singapore, and several Indian mutual funds managed by SBI, Kotak Mahindra, and ICICI Prudential.