Shares of HDFC AMC, a subsidiary of the HDFC Group recovered nearly 6 percent from their intraday low on Monday, after 51 lakh shares or 2.4 percent of the overall equity exchanged hands in multiple block deals.
Now, as per the block deal data reported post markets, Rajeev Jain's GQG Partners EM Equity Fund has further reduced its stake in the company.
It has sold nearly 25 lakh shares worth Rs 396 crore at a price of Rs 1,600.85 per share, while SBI MF has bought 47.33 lakh shares worth Rs 757 crore at a price of Rs 1,600 per share. It implies that there were other sellers in Monday’s block deals too.
Earlier today, the block deals, valued at Rs 812 crore for nearly 2.4 percent equity, saw shares being exchanged at an average price of Rs 1,600 per share, according to data on the exchanges.
The sale of shares on Monday is an addition to the announcements made by GQG last week. In the disclosure made on March 17, GQG Partners EM Equity Fund and PACs (Persons Acting In Concert) stated that GQG Group had sold 2.46 percent equity in HDFC AMC between August 23, 2022, and March 15, 2023.
That sale was executed by the GQG Partners EM Equity Fund and its PACs, which included the Washington State Investment Board, Australian Super, BBH Emerging Fund, among others. The group has reduced its stake from 5.33 percent to 2.76 percent, selling 54.84 lakh shares from its total holding of 1.13 crore shares.
As per the information available on the exchanges, GQG Partners EM Equity Fund held a 2.28 percent stake (48.64 lakh shares) as of December 2022.
HDFC AMC has been one of the worst-performing stocks this year, with its shares falling nearly 25 percent in the last three months. Monday's block deal took the stock to a fresh 52-week low, down over 32 percent from its 52-week high hit in April 2022.
Shares of HDFC AMC today closed with minor gains at Rs 1,681 per share.
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