GQG Partners Cuts ITC Hotels Stake by Selling 1.29 Crore Shares for Rs 197 Crore
US-based investment firm GQG Partners offloaded nearly 1.29 crore shares of ITC Hotels for Rs 197 crore in an open market transaction. The sale, executed by its affiliate GQG Partners Emerging Markets Equity Fund, trimmed the firm's ownership from 1.97 per cent to 1.35 per cent. ITC Hotels shares climbed 3.90 per cent to close at Rs 152.50 on the NSE, even as buyers remained undisclosed.
Details of the Bulk Deal
The transaction averaged Rs 152.67 per share, totaling Rs 196.75 crore, according to NSE bulk deal data. This represented a 0.62 per cent stake in the company. GQG Partners, led by NRI investor Rajiv Jain, focuses on emerging markets equities, making India a key part of its portfolio.
Shift in Ownership Dynamics
Post-sale, GQG's holding in ITC Hotels stands at 1.35 per cent, signaling a strategic reduction. Such open market transactions allow institutional investors to exit positions without direct negotiations. The undisclosed buyers could include domestic funds or retail investors drawn by the hospitality sector's recovery.
Market Reaction and Sector Context
Despite the large block sale, ITC Hotels shares rose sharply, reflecting strong underlying demand. ITC Hotels operates as a premium hospitality player in India, benefiting from post-pandemic travel resurgence. Foreign investors like GQG have trimmed exposures amid valuation shifts, yet the sector attracts capital due to rising domestic tourism and infrastructure investments.
