GQG Partners Offloads Stake in ITC Hotels

US-based GQG Partners sold approximately 1.29 crore shares of ITC Hotels, reducing its stake from 1.97% to 1.35%. The shares were sold for Rs 197 crore at an average price of Rs 152.67 each. The transaction details reveal a 3.90% rise in ITC Hotels' shares on the NSE.

In a significant transaction on Wednesday, US-based investment firm GQG Partners divested nearly 1.29 crore shares of ITC Hotels through an open market sale, accruing Rs 197 crore. This move, executed via the GQG Partners Emerging Markets Equity Fund, decreases their stake from 1.97% to 1.35%.

The disposed shares, amounting to 0.62% of ITC Hotels, were sold at an average price of Rs 152.67 each, as per bulk deal data on the National Stock Exchange (NSE). Despite the offloading of shares by GQG Partners, ITC Hotels saw a 3.90% rise in its share price, closing at Rs 152.50 apiece.

While the exact buyers of these shares remain unknown, this transaction marks a noteworthy shift in investment stakes within the hospitality sector.

(With inputs from agencies.)