GQG Partners Sells Major Stake in ITC Hotels
GQG Partners sold 1.29 crore shares, equivalent to a 0.62% stake, in ITC Hotels for Rs 197 crore. This reduces the firm's overall shares in the company to 1.35%. The transaction caused ITC Hotels' stock to rise by 3.90% on the National Stock Exchange.
- Country:
- India
US-based investment firm GQG Partners sold nearly 1.29 crore shares of ITC Hotels for Rs 197 crore through an open market transaction. This sale was made by the NRI Rajiv Jain-backed company via its affiliate, GQG Partners Emerging Markets Equity Fund, as detailed in the NSE's bulk deal data.
The shares offloaded represented a 0.62 per cent stake, with an average price of Rs 152.67 per share, culminating in a transaction value of Rs 196.75 crore. Following this transaction, GQG Partners' ownership in ITC Hotels dipped to 1.35 per cent from the previous 1.97 per cent.
Although the identities of the buyers remain undisclosed, ITC Hotels' share price registered a 3.90 per cent increase, closing at Rs 152.50 on the NSE.
Google News