GQG Partners sells 3.97 crore ITC shares, stake falls to 3.17%
- GQG Partners LLC sold 3,96,85,790 ITC shares via open market transactions between May 2025 and October 2026.
- Aggregate stake of GQG Partners and PACs declined from 3.48% to 3.17% of total voting capital.
- Goldman Sachs Trust II accounted for the majority of the sell-off, reducing its holding by over 3.2 crore shares.
- Disclosure made under Regulation 29(2) of SEBI Takeover Regulations due to aggregate change exceeding 2%.
*this image is generated using AI for illustrative purposes only.
ITC Limited saw a reduction in foreign institutional holding as GQG Partners LLC disclosed the sale of 3,96,85,790 equity shares through multiple on-market transactions. The aggregate shareholding of GQG Partners and its Persons Acting in Concert (PACs) fell from 3.48% to 3.17% of the company's total voting capital.
The disclosure, filed under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, highlights a cumulative change in shareholding exceeding 2% since the last report in May 2025. The transactions occurred between May 28, 2025, and October 5, 2026. GQG Partners LLC acts as the investment manager for the acquirer and PACs, making investment decisions on their behalf.
Shareholding details before and after sale
The table below outlines the aggregate position of GQG Partners and associated entities prior to and following the disposal of shares.
| Metric | Pre-disposal | Post-disposal | Change |
|---|---|---|---|
| Number of shares held | 43,64,95,855 | 39,68,10,065 | -3,96,85,790 |
| Percentage of total voting capital | 3.48% | 3.17% | -0.31% |
| Encumbered shares | Nil | Nil | Nil |
| Voting rights via other instruments | Nil | Nil | Nil |
Key entities involved in the disposal
The reduction in stake was driven primarily by two major funds within the GQG Partners group. While several smaller funds maintained static positions, the largest contributors to the sell-off were the Goldman Sachs Trust II and the GQG Partners International Equity CIT.
- Goldman Sachs Trust II - Goldman Sachs GQG Partners International Opportunities Fund: Reduced holding from 24,39,57,414 shares (1.95%) to 21,15,62,663 shares (1.69%).
- GQG Partners International Equity CIT: Reduced holding from 2,84,78,584 shares (0.23%) to 2,52,41,737 shares (0.20%).
- GQG Partners International Equity Fund: Reduced holding from 2,28,45,572 shares (0.18%) to 1,99,35,876 shares (0.16%).
- Abu Dhabi Investment Authority – Sabre: Reduced holding from 59,75,218 shares (0.05%) to 53,47,396 shares (0.04%).
- GQG Partners International Quality Equity Fund: Reduced holding from 48,47,290 shares (0.04%) to 43,79,535 shares (0.03%).
Other entities, including the GQG Partners Emerging Markets Equity Fund and Alliance Trust PLC, reported no change in their respective holdings during this period.
What the numbers show
The data reveals a concentrated exit strategy rather than a broad-based reduction across all vehicles. Out of the 15 distinct entities listed in the annexure, only five showed a decrease in shareholding. Notably, the Goldman Sachs Trust II account alone accounted for approximately 81.7% of the total shares sold by the group. This indicates that the regulatory trigger for the 2% aggregate change was driven predominantly by rebalancing within a single major fund structure, while the remaining portfolio remained largely static.
Historical Stock Returns for ITC
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.56% | +0.04% | +0.42% | -10.06% | -33.82% | +21.23% |
How might the concentrated exit by Goldman Sachs Trust II influence institutional sentiment and future foreign direct investment flows into ITC Limited?
What specific fundamental or macroeconomic factors could have triggered GQG Partners' decision to rebalance its portfolio over the May 2025 to October 2026 period?
Could this reduction in foreign institutional holding pressure ITC's stock price volatility, and how are domestic retail investors likely to respond to the news?
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