Shares of ITC rallied over 5 per cent in trade on amid market thrill that Specified Undertaking of Unit Trust of India (SUUTI) sold a 2% stake in the business via a block deal to LIC.
The government strategies to gather close to Rs 6,700 crore from the stake sale. In the morning, the ITC stock pared some of the advances, but was quiet trading 2% higher at Rs 281.65. It assembled over 5 percent from its earlier close of Rs 276.40 to touch a 52-week high of Rs 291.95 in morning trade.
SUUTI has stakes in 43 listed and eight unlisted companies counting blue chips like ICICI Bank, Bharat Petroleum, Titan, Hindustan Unilever and Reliance Industries.
The unlisted entities where SUUTI grips stakes include NSDL, Over The Counter Exchange, Stock Holding Corporation of India, STCI Finance, UTI-IAS, UTI Infrastructure Technology Services, NSDL e-Governance Infrastructure and North Eastern Development Finance Corporation.
The government has secure a record disinvestment target of Rs 72,500 cr for the next financial year. The government expects to increase another Rs 15,000 crore in two months and clock the top ever earnings from disinvestment at Rs 45,550 crore at the end of this financial year beside the initial target of Rs 56,500 crore.
ITC shares smash 52-week high as SUUTI sells 2% stake via block deal
