Marshall Wace Sells Major Stakes in One97 and Shriram Finance

UK-based hedge fund Marshall Wace sold shares of One97 Communications and Shriram Finance worth Rs 419 crore. Eureka Fund, a part of Marshall Wace, offloaded shares via open market transactions. BNP Paribas bought these shares at the same price. Shriram Finance's shares rose, while One97 Communications' shares dipped.

In a significant financial maneuver, UK-based hedge fund Marshall Wace divested shares of One97 Communications and Shriram Finance, amounting to Rs 419 crore, on Friday. The transactions were facilitated through Marshall Wace Investment Strategies - Eureka Fund, which executed separate block deals on the National Stock Exchange (NSE).

According to NSE data, Eureka Fund offloaded 5.85 lakh shares of One97 Communications, the company behind the Paytm brand, at an average price of Rs 428.05 each. Additionally, the fund sold over 14.67 lakh shares of Shriram Finance at an average price of Rs 2,684.30 apiece.

Simultaneously, BNP Paribas' affiliate BNP Paribas Financial Markets acquired the aforementioned shares at the same prices. Post the transactions, Shriram Finance's shares surged 1.75% to close at Rs 2,731.25, while shares of One97 Communications dropped 1.04%, settling at Rs 423.60 on the NSE.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)