ITC: ICICI PRU MF biggest buyer in BAT stake sale at Rs 4,963 crore

Mumbai: A host of top foreign institutions and domestic mutual funds, including the Government of Singapore, Capital Group, and ICICI Prudential Mutual Fund, bought shares of ITC in British American Tobacco’s 3.5% stake sale worth ₹17,485 crore in the open market on Wednesday.

The shares were sold at ₹400.25 apiece. According to BSE block deals data, BAT sold 43.69 crore shares in the cigarette-to-FMCG conglomerate through an accelerated book-build process. Post the sale, the shareholding of BAT, which is ITC’s biggest shareholder, in the company declined to 25.5% from 29% earlier.

The block deal data showed that 65 institutional investors purchased the shares.

ICICI Prudential Mutual Fund was the biggest buyer in the deal with the fund house buying roughly 28% of shares valued at ₹4,963 crore. The Government of Singapore purchased shares worth ₹3,664 crore, while the US-based Capital Group acquired shares valued at ₹1,064 crore. Other notable buyers included BofA Securities (₹817 crore), Societe Generale (₹734 crore), Citigroup (₹702 crore), Morgan Stanley (₹612 crore), and Copthall Mauritius Investment (₹543 crore).

BAT has clarified that it does not intend to let its stake in ITC go below 25%.

FOLLOW US ON GOOGLE NEWS

Read original article here

Denial of responsibility! Secular Times is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – seculartimes.com. The content will be deleted within 24 hours.

Leave a Comment