NRI-investor Rajiv Jain led GQG Partners has emerged as one of the largest investors in conglomerate ITC Ltd, raising the aggregate stake to 5.47 per cent.
In a regulatory filing with the stock exchanges, the investment management company said it picked up 0.51 per cent additional stake in ITC by the process of bulk deal. Prior to that, GQG Partners and persons acting in concert (PAC) were holding 4.96 per cent stake in the company.
With the latest round of stock purchase, GQG Partners and PAC are now the third largest shareholder block in ITC after Life Insurance Corporation of India and Specified Undertaking of the Unit Trust of India (SUUTI).
The announcement came in tandem with Tobacco Manufacturer India Ltd, a subsidiary of British American Tobacco Plc, shedding 2.5 per cent stake in ITC, bringing the stake of the latter to 22.93 per cent.
The spate of transactions suggests GQG Partners,
once a large stakeholder in BAT, bought when TMIL was offloading shares on Wednesday.
GQG Partners Emerging Markets Equity Fund and GQG Partners International Opportunities Fund (Goldman Sachs Trust) were holding 1.96 per cent and 1.51 per cent stake, respectively, in ITC as on March 31, 2025, cumulatively holding 3.47 per cent in ITC.
