With Tata, ITC and IndiGo, block trades in India near their best quarter in 14 years
Tata Sons this week raised the equivalent of $1.1 billion through the sale of shares in the group’s software services unit Tata Consultancy Services, the largest block involving shares of the software services unit since 2018.
- Mar 21, 2024,
- Updated Mar 21, 2024 10:27 AM IST
Shareholders have reportedly raised $7.1 billion from their holdings in India at last count, with the quarter on track to have made the most from block trades.
Block trades are now nearing their best quarter in 14 years, according to a Bloomberg report. “With elections over, there could be another round of block trades or sell-downs. Domestic liquidity and foreign appetite remain very strong for Indian assets,” Rahul Saraf, Citigroup’s India head of investment banking told the agency.
Tata Sons raised about $1.1 billion through the sale of shares in Tata Consultancy Services, the largest block involving shares of the firm since 2018.
London's British American Tobacco sold a 3.5% stake in FMCG major ITC at an average selling price of Rs 404.40 per share in block deals to institutional investors. The stake sale was worth about Rs 17,500 crore. Co-founder Rakesh Gangwal divested a 6 per cent stake in InterGlobe Aviation (Indigo) through bulk deals to mop up Rs 6,786 crore. US home appliance giant Whirlpool Corp. sold part of its stake in its Indian unit in February, raising $469 million. It joined a number of foreign firms monetizing their Indian businesses to take advantage of the high valuations.
Global funds’ holdings of Indian stocks stood at $763 billion at the end of February, according to data from the National Securities Depository Ltd.
Many investors believe India deserves to trade at a higher premium despite the froth alert given the economy’s superior growth prospects, favorable demographics and the promise of political stability.
Shareholders have reportedly raised $7.1 billion from their holdings in India at last count, with the quarter on track to have made the most from block trades.
Block trades are now nearing their best quarter in 14 years, according to a Bloomberg report. “With elections over, there could be another round of block trades or sell-downs. Domestic liquidity and foreign appetite remain very strong for Indian assets,” Rahul Saraf, Citigroup’s India head of investment banking told the agency.
Tata Sons raised about $1.1 billion through the sale of shares in Tata Consultancy Services, the largest block involving shares of the firm since 2018.
London's British American Tobacco sold a 3.5% stake in FMCG major ITC at an average selling price of Rs 404.40 per share in block deals to institutional investors. The stake sale was worth about Rs 17,500 crore. Co-founder Rakesh Gangwal divested a 6 per cent stake in InterGlobe Aviation (Indigo) through bulk deals to mop up Rs 6,786 crore. US home appliance giant Whirlpool Corp. sold part of its stake in its Indian unit in February, raising $469 million. It joined a number of foreign firms monetizing their Indian businesses to take advantage of the high valuations.
Global funds’ holdings of Indian stocks stood at $763 billion at the end of February, according to data from the National Securities Depository Ltd.
Many investors believe India deserves to trade at a higher premium despite the froth alert given the economy’s superior growth prospects, favorable demographics and the promise of political stability.