US-based GQG Partners has offloaded nearly 1.29 crore shares of ITC Hotels through an open market transaction valued at Rs 197 crore. The sale, executed by its affiliate GQG Partners Emerging Markets Equity Fund, reduced the firm's holding from 1.97 per cent to 1.35 per cent. ITC Hotels shares rose 3.90 per cent to Rs 152.50 on the NSE, even as buyer identities stayed undisclosed.
Breakdown of the Bulk Deal
The transaction involved 1.29 crore shares sold at an average price of Rs 152.67 each, totaling Rs 196.75 crore. Bulk deal data from the National Stock Exchange captured this move by the Rajiv Jain-led firm, which focuses on emerging markets. Such open market sales allow investors to exit positions without direct negotiations, exposing trades to broader market dynamics.
Shift in Ownership Dynamics
GQG Partners now holds 1.35 per cent in ITC Hotels, down from nearly 2 per cent before the sale. This 0.62 per cent divestment reflects a calculated reduction in exposure to the hospitality sector. ITC Hotels, part of the Indian conglomerate's portfolio, operates in a competitive landscape where investor sentiment ties closely to tourism recovery and consumer spending patterns.
Market Reaction and Outlook
Despite the large block sale, ITC Hotels shares closed higher at Rs 152.50, signaling strong underlying demand from anonymous buyers. This price resilience points to confidence in the company's growth prospects amid India's expanding hospitality market. For GQG Partners, the move aligns with portfolio rebalancing in volatile emerging markets, where funds often trim stakes to lock in gains or redirect capital.
