GQG Partners Offloads 2.91% Stake in ITC in ₹9,395 Crore Block Deal

GQG Partners entities executed a significant share sale in ITC Ltd, offloading 36.5 crore shares valued at ₹9,395.4 crore in a block deal on the Bombay Stock Exchange on Thursday. This transaction represented 2.91 per cent of ITC’s total equity and the shares were sold at a price of ₹257.35 each.

Alongside GQG Partners, Alliance Witan PLC also divested a smaller stake, selling 16.11 lakh shares, which accounted for 0.01 per cent of ITC’s equity, amounting to ₹41.5 crore in the same block transaction. This coordinated sale attracted notable participation from prominent mutual funds and institutional investors.

The major buyers in this block deal included Fidelity Advisor Series VIII – Fidelity Advisor Overseas Fund, ICICI Prudential Mutual Fund, SBI Mutual Fund, Nippon India Mutual Fund, and Citigroup Global Markets Singapore Pte. These entities acquired large volumes of shares as part of their portfolio adjustments or strategic investments in ITC.

Data from the quarter ending June 30 indicates that Goldman Sachs Trust II’s Goldman Sachs GQG Partners International Opportunities Fund and the GQG Partners Emerging Markets Equity Fund held stakes of 2.06 per cent and 1.06 per cent, respectively, in ITC. Notably, the GQG Partners Emerging Markets Equity Fund’s holding declined from 2.11 per cent as of June 2025, whereas the Goldman Sachs GQG Partners International Opportunities Fund’s stake increased from 1.65 per cent over the same period, according to information sourced from Screener.

Following the announcement of the block deal, ITC’s share price dropped by 4.03 per cent to close at ₹255 on Thursday. The stock has experienced a significant decline this year, falling nearly 30 per cent compared to the Nifty 50 index’s 14.97 per cent decrease in 2026.

ITC Limited is a diversified Indian conglomerate with business interests spanning FMCG (fast-moving consumer goods), hotels, paperboards, packaging, agri-business, and information technology. The company is often regarded as a barometer for Indian consumer sentiment due to its broad product range and market presence.

Block deals such as this one are a common mechanism used by large investors to efficiently transfer substantial shareholdings without disrupting the market too heavily. They typically involve pre-negotiated transactions between large buyers and sellers, often executed at a single price outside regular trading hours.

This recent stake sale by GQG Partners could reflect portfolio rebalancing or profit booking amid volatile market conditions. Institutional investors frequently adjust their holdings based on changing market outlooks, sector performance, or strategic priorities.

For investors and market watchers, these developments offer insight into the investment trends among global fund managers in Indian equities. The participation of mutual funds as buyers underscores continued interest in ITC, despite the recent price weakness and broader market challenges.

In summary, the block deal involving GQG Partners and Alliance Witan PLC marks a notable shift in ITC’s shareholding pattern. The transaction highlights active engagement by both foreign and domestic institutional players, shaping the investment landscape of one of India’s most prominent blue-chip companies.