As many as 36.66 crore shares of ITC Ltd. changed hands in the pre-open block window on Thursday, October 8. The number of shares that changed hands amounts to 2.9% of the company’s outstanding equity. The stock is down 4% after the block deal.
Shares changed hands at an average price of ₹257 per share, taking the total transaction value to ₹9,437 crore.
Buyers and sellers in the transaction are not officially known yet.
ITC does not have any promoter shareholding and all of the equity is held with public shareholders.
At the end of the June quarter, Goldman Sachs Trust II – Goldman Sachs GQG Partners International Opportunities Fund had a 2.06% stake in the company, while GQG Partners Emerging Markets Equity Fund had a 1.06% stake. Together, these two entities held just over 39 lakh shares in the company.
Among other public shareholders, the Specified Undertaking of the Unit Trust of India (SUUTI) had a 7.78% stake in ITC at the end of the June quarter.
Mutual Funds had a 16.5% stake in the company, while the Life Insurance Corporation of India, India’s largest insurance company, had a 16.3% stake in ITC, as of June 30.
Over 40 lakh retail shareholders or those with authorized share capital of up to ₹2 lakh, held a 12.5% stake in the company at the end of the June quarter.
September quarter shareholding is yet to be disclosed by ITC.
Shares of ITC are trading 3.8% lower on Thursday at ₹255.6. The stock is down 30% so far this year.