New Delhi, April 8 US-based investment firm GQG Partners sold nearly 1.29 crore shares of ITC Hotels for Rs 197 crore through a market transaction on Wednesday.
GQG Partners, backed by NRI Rajiv Jain, through its affiliate GQG Partners Emerging Markets Equity Fund, offloaded 1,28,87,559 shares, representing a 0.62 per cent stake in ITC Hotels, according to bulk deal data on the National Stock Exchange (NSE).
The shares were disposed of at an average price of Rs 152.67 apiece, resulting in a transaction value of Rs 196.75 crore.
Following the completion of the transaction, GQG Partners' holding in ITC Hotels decreased from 1.97 per cent to 1.35 per cent.
Details of the buyers of ITC Hotels' shares could not be ascertained on the exchange.
Shares of ITC Hotels rose by 3.90 per cent to close at Rs 152.50 apiece on the NSE.