PPFAS Flexicap Fund bought 8.8 lakh shares of ITC amid BAT stake sale in March
economictimes.indiatimes.comParag Parikh Flexi Cap Fund, the largest scheme in the flexi cap category based on assets managed, bought 8.8 lakh shares of ITC last month amid selling pressure on the Nifty stock amid a stake sale by British American Tobacco Plc (BAT).
The share price of ITC fell to Rs 399.35 on March 12, 2024.
BAT on March 13 sold a 3.5% stake in ITC through open market deals at Rs 400.25 a share, amounting to a total of Rs 17,485 crore. BAT, which makes Dunhill and Lucky Strike cigarettes, sold 43,68,51,457 shares of the cigarette-to-hotels conglomerate to institutional investors through an accelerated book-building process.
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The shareholding of BAT came down to 25.5% in ITC from 29% earlier. After the big sale by BAT, ITC stock shot up nearly 9% intraday.
The fund also added other stocks to its portfolio. It picked up 4.22 lakh shares of HDFC Bank in March, 72.38 lakh shares of Power Grid Corporation of India and 1.19 lakh shares of Bajaj Holdings & Investment.
It also added 20.73 lakh shares of Indraprastha Gas to the portfolio in March along with 30,000 shares of Swaraj Engines and 98,747 shares of Dr. Reddy's Laboratories.
The fund sold 1.22 lakh shares of Zydus Lifesciences and 9,035 shares of UTI Asset Management Company.
The fund did not add or reduce any shares of Maruti Suzuki, ICICI Bank, Axis Bank, Motilal Oswal Financial Services, Cipla, Coal India, HCL Technologies, Kotak Mahindra Bank, Balkrishna
