Adani share sale takes block deals to 5-month high despite skittish market

Promoters, strategic investors mop up over Rs 33,000 cr via share sales; Adani sale in four group firms to GQG Partners alone tops Rs 15,000 cr

Sundar Sethuraman Mumbai
Adani, Adani Group

Photo: Bloomberg

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Despite markets turning volatile, share sale activity at India Inc has surged to its highest level in five months. So far in March, promoters, strategic investors and other large shareholders have been able to offload shares worth more than Rs 33,000 crore—the most since November—defying uncertain market conditions.
Both the Sensex and the Nifty are on course to post their fourth straight monthly loss amid headwinds, such as interest rate tightening by the US Federal Reserve and the global banking crisis.
This month’s block deal tally is underpinned by the Rs 15,446-crore share sale by Adani promoters in four group companies to US-based GQG Partners. Besides Adani firms, other large deals include private equity (PE) major Blackstone’s 20.5 per cent stake sale in Sona BLW Precision Forgings; Sumitomo Wiring Systems’ 3.4 per cent stake sale in Samvardhana Motherson International and PE firm TPG’s 7.62 per cent

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First Published: Mar 28 2023 | 2:33 PM IST

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