Adani bull GQG raises stake in ITC to 5.47% following BAT's partial exit
US-based investment firm GQG Partners has increased its stake in
ITC Ltd
, one of India's largest consumer goods companies, through a bulk deal on May 28. The move comes just days after British American Tobacco (BAT), ITC's largest shareholder, sold a portion of its holding.
In a regulatory filing, GQG disclosed that it acquired an additional 0.51% stake in ITC, taking its total holding to 5.47% of the company's paid-up capital. Before this acquisition, GQG and persons acting in concert (PACs) held 4.96% in ITC. The deal was executed through the stock exchange on May 28 and settled on May 29.
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GQG Partners LLC, led by investor Rajiv Jain, acted as the investment manager for the entities involved and made the investment decisions on their behalf. The shares acquired are fully paid-up equity shares with a face value of Rs 1 each.
The timing of this acquisition is notable. It came just after BAT sold 2.5% of its stake in ITC for approximately Rs 12,900 crore through block deals. BAT, a long-term strategic investor in ITC, reduced its stake from 25.4% to 22.9% following this sale. Despite the reduction, BAT remains ITC's largest shareholder.
BAT stated that the proceeds from the stake sale will go toward enhancing its existing share buyback programme, which now stands at £1.1 billion for 2025.
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This is not the first time BAT has pared its stake in ITC. In March 2023, the UK-based tobacco giant sold 3.5% of its holding to institutional investors via block deals.
ITC, a diversified conglomerate headquartered in Kolkata, operates across sectors such as FMCG, hotels, paperboards, packaging, and agribusiness. Its stock is widely held by both domestic and foreign institutional investors and is considered a key component of many long-term portfolios.
With GQG's latest purchase, market watchers believe the institutional interest in ITC remains strong, even as legacy shareholders like BAT unlock value. Analysts suggest this increased participation could help improve liquidity and strengthen ITC's positioning among global funds.
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