Financial services company BNP Paribas executed a major market maneuver by selling shares of 12 companies, including Punjab National Bank and Bharat Heavy Electricals Ltd, for ₹5,125 crore through open market transactions.
Strategic Moves in the Market:
Paris-based BNP Paribas, through its affiliate BNP Paribas Arbitrage, offloaded shares of 12 companies on the NSE and BSE.
According to the bulk deal data available on the NSE, BNP Paribas Arbitrage offloaded shares of Punjab National Bank worth ₹898 crore, sold shares of Bharat Heavy Electrical Ltd for ₹795 crore, and disposed of shares of Union Bank of India for ₹761 crore.
In addition, BNP Paribas Arbitrage also sold shares of GMR Airports Infra Ltd and NMDC Ltd worth ₹1,434 crore on the NSE.
Meanwhile, BNP Paribas Arbitrage picked up 59,387 shares of PNB worth ₹72 crore. Details of the buyer(s) of shares of BHEL, Union Bank of India, GMR Airports Infra, and NMDC Ltd could not be ascertained on the NSE.
Diversified Portfolio Moves:
BNP Paribas Arbitrage also divested its stakes in Axis Bank, DishTV, IDFC, IDFC FIRST Bank, Piramal Enterprises Ltd, SBI Life Insurance, and Updater Services Ltd, as per the block deal data available with the BSE.
These shares were sold at a combined transaction value of ₹1,235 crore.
Meanwhile, East Bridge Capital Master Fund I acquired the shares of these companies on the BSE.
Market Impact and Share Movements:
Shares of Punjab National Bank rose 1.74% to close at ₹122.85 apiece, shares of BHEL gained 2.49% to settle at ₹230.30 per piece, and Union Bank of India climbed 4.01% to end at ₹146.50 per piece on the NSE.
Also, the scrip of Axis Bank gained 0.10% to close at ₹1,075.70 apiece, SBI Life Insurance rose 0.97% to settle at ₹1,554.95 per piece, and Updater Services jumped 3.62% to finish at ₹361.70 per share on the BSE.
