Bulk deals | Promoter Shobha Gangwal exits InterGlobe Aviation, Fairfax Financial Holdings offloads 5.89% stake in IIFL Securities

Shobha Gangwal sold 1.15 crore shares, which is equivalent to 2.99 percent of paid-up equity, in IndiGo via three block deals.

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Promoter Shobha Gangwal has offloaded her entire personal shareholding in InterGlobe Aviation, the low-cost airline IndiGo operator, while Fairfax Financial Holdings has offloaded major stake in IIFL Securities, via open market transactions, on August 16.

As per bulk deals data available on exchanges, Shobha Gangwal sold 1.15 crore shares, which is equivalent to 2.99 percent of paid-up equity, in IndiGo via three block deals.

Gangwal offloaded 38.41 lakh equity shares at an average price of Rs 2,426.21 per share, further 38.41 lakh shares at an average price of Rs 2,440.92 per share, and another 38.41 lakh shares at average price of Rs 2,427.09 per share, which all amounted to Rs 2,802 crore.

InterGlobe shares corrected 3.55 percent to Rs 2,458.65 on the NSE, with multi-fold jump in volumes.

Religare Enterprises was also in action, rising 6 percent to hit a multi-year high of Rs 233.35 with robust volumes. Burman family-owned MB Finmart, VIC Enterprises, and Puran Associates, the promoters of Dabur India, have bought additional 7.56 percent stake or 2.45 crore equity shares in the financial services company. These shares were bought at an average price of Rs 217.95 per share.

However, foreign portfolio investor Investment Opportunities V Pte Limited was the seller in this deal. The investor held 7.65 percent stake or 2.47 crore shares in Religare as of June 2023.

We have also seen big action in IIFL Securities, which jumped 7.6 percent to Rs 69.80, with huge spike in volumes. Foreign portfolio investor Fairfax Financial Holdings-owned Hamblin Watsa has offloaded 5.89 percent equity stake in the company.

Hamblin Watsa Investment Counsel Limited A/C Hwic Asia Fund Class A Shares has sold 60 lakh shares or 1.96 percent stake in the online trading platform, at an average price of Rs 65.67 per share and another 1.2 crore equity shares at an average price of Rs 65.45 per share.

However, Aalidhra Textool Engineers bought 32.05 lakh shares in IIFL, Zafar Ahmadullah 40 lakh shares, and Theleme India Master Fund purchased 80 lakh shares at an average price of Rs 65.45 per share.

Adani Power shares corrected 2 percent to Rs 280, with sharp jump in volumes. Promoters have sold 8.09 percent stake in the power company. Worldwide Emerging Market Holding Limited sold 4.65 crore shares at an average price of Rs 279.16 per share, and Afro Asia Trade and Investments offloaded 26.54 crore shares at an average price of Rs 279.18 per share.

However, Rajiv Jain co-founded GQG Partners has picked 3.94 percent stake in Adani Power. Goldman Sachs Trust II-Goldman Sachs GQG Partners International Opportunities Fund has bought 10.3 crore equity shares in Adani Group company and GQG Partners Emerging Markets Equity Fund purchased 4.9 crore shares, at an average price of Rs 279.15 per share, which is equivalent to 3.94 percent of total equity. The stake buy was worth Rs 4,244.76 crore.

We have also seen buying from GQG Partners in JSW Energy which jumped 6 percent to Rs 368. GQG Partners Emerging Markets Equity Fund has purchased 1.03 crore shares or 0.62 percent stake in the utilities company, at an average price of Rs 341.7 per share.

However, promoter JSW Investments sold 2.1 crore shares or 1.28 percent stake in the company at same price, which amounted to Rs 717.57 crore.