Block deals are gaining momentum on the bourses. In last two months, equity shares aggregating to Rs 2,000 crore (Rs 20 billion) have been transacted in block deals.
Foreign institutional investors and foreign and domestic mutual funds including UTI, purchased and sold a total of 113.4 million equity shares valued at Rs 2,011.25 crore (Rs 20.11 billion) between February 18, 2004 and April 23.
These entities have bought 55.9 million shares for Rs 1,005.28 crore (Rs 10.05 billion) and sold 55.6 million shares for an aggregate value of Rs 1,005.97 crore (Rs 10.06 billion).
The FIIs involved in block deals include AOF HS (Mauritius), Goldman Sachs Investment (Mauritius), HSBC, and T Rowe Price International.
Major block deals took place in companies, which have come out with recent public offers, including Biocon, Dishman Pharmaceuticals and Chemicals, Dredging Corporation, IBP, Power Trading Corporation and TV Today.
In Biocon, AOF HS Mauritius sold 4.83 million shares at an average price of Rs 607 to Goldman Sachs (Mauritius), Emerging Markets fund and HSBC.
HDFC and Prudential ICICI Mutual Fund bought a total 0.33 million equity shares of Dishman Pharmaceuticals and Chemicals of which HDFC Mutual Fund bought 0.19 million shares at Rs 465 per share on April 22.
While Prudential ICICI bought 0.14 million shares of Dishman Pharmaceuticals, at an average price of Rs 458.79 per share on April 24, the fund sold 0.985 million shares of Welspun India for a total value of Rs 8.49 crore (Rs 84.9 million).
The Emerging Markets Management also bought 0.75 million shares of Matrix Laboratories from Fidelity Management and purchased another 0.161 million shares of Astra Microware Products from Strategic Ventures Fund (Mauritius) in block deals, according to data released on the BSE website.
The Carlson fund sold 0.5 million shares of Cadila Healthcare to the Government of Singapore Investment Corporation for a consolidated amount of Rs 26.80 crore (Rs 268 million).
The Merrill Lynch Capital Market sold equity shares of Jindal Steel and Power and Uniphos Enterprises, while it bought shares of Hitachi Home and Life Solutions and Monnet Ispat through block deals.
The public sector UTI-I and UTI Mutual Fund purchased and sold shares in block deals between themselves. UTI-I sold a total of 2.742 million equity shares of 17 companies including Apollo Tyres, Eicher Motors, Esab, Motherson Sumi Systems, Navneet Publications and Vesuvius.
UTI Mutual Fund sold equity shares of Alfa Laval, IBP, KSB Pumps, Tube Investments of India and UCAL Fuel Systems during April.
Among the major block deals, Sterlite Employees Welfare Trust sold 1.695 million shares of the Sterlite Industries for Rs 93.27 crore (Rs 932.7 million) to Twinstar Holdings and TWL Holdings sold 1.489 million shares of Apollo Hospitals to Capital International for total amount of Rs 32.47 crore (Rs 324.7 million). The Merrill Lynch Capital Market Fund bought 1.821 million shares of Kopran at an average price of Rs 63.99 per share.Broker and high networth individual Mahesh Kumar Damani, bought and sold around 2.5 million equity shares of Biocon, Dishman Pharmaceuticals, Mastek and Power Trading Corporation at different prices.