GQG and Alliance Witan sell ₹9,437 crore of ITC shares in a block deal

What happened

• GQG Partners Emerging Markets Equity Fund sold 36,50,84,221 ITC shares, about 2.91% of the company, for ₹9,395.44 crore at ₹257.35 a share, according to Upstox and Kotak Neo citing exchange block-deal data.
• Alliance Witan Plc separately sold 16,11,076 shares for ₹41.46 crore at the same price.
• Together that is 36,66,95,297 shares for ₹9,436.90 crore, the combined totals Business Today reported. GQG's portion alone was put at 2.91% of the company.
• The ₹257.35 price was about 3.1% below ITC's Wednesday close of ₹265.70.
• Upstox listed the buyers as including Fidelity International, which took about 13.4 crore shares for ₹3,448.49 crore, alongside seven domestic mutual funds, two life insurers and four foreign institutions, describing these as among the buyers.
• ITC closed at ₹255 on Thursday, down 4.03%.

Why it matters

Good to know: A block deal is a large pre-arranged trade done in a special exchange window, usually at a discount to the market price. The 2.91% figure is GQG's stake alone; Alliance Witan sold separately on the same day.

Key facts

Shares sold

36,66,95,297 (GQG's portion put at 2.91%)

Value

₹9,436.90 crore

Price

₹257.35 a share

Largest buyer named

Fidelity International, ₹3,448.49 crore

Read the source

• ITC block deals: GQG Partners sells 2.91% stake for ₹9,395 crore; check buyers listUpstox
• GQG Partners sells 2.9% ITC stake for ₹9,395 croreKotak Neo
• ITC shares slip 4% to hit 52-week low; ₹9,437 crore block deal in focusBusinessToday