Marshall Wace's Massive Share Offload Shakes Markets
British hedge fund Marshall Wace sold shares in major companies to Societe Generale for Rs 303 crore. The sale involved Eicher Motors, Max Financial Services, state entities, Power Finance Corp, and Bank of Baroda. The shares were traded at prices ranging from Rs 238.27 to Rs 6,758 each.
- Country:
- India
In a significant financial maneuver, British hedge fund Marshall Wace has divested a substantial number of shares in prominent Indian firms on Friday. The transaction, valued at approximately Rs 303 crore, involved sales of stocks in Eicher Motors, Max Financial Services, Power Finance Corp, and Bank of Baroda to Societe Generale.
The shares were offloaded through Marshall Wace's affiliate, Marshall Wace Investment Strategies - Eureka Fund, which included 60,405 shares of Eicher Motors and 74,675 shares of Max Financial Services. A significant portion involved 24.37 lakh shares of Power Finance Corp and 64.16 lakh shares of Bank of Baroda, according to NSE's block deal data.
Executed within a price range of Rs 238.27 to Rs 6,758, the acquisition of these shares by Paris-based Societe Generale marks a strategic move in the open market transactions. The immediate market reactions saw mixed results in share prices of the involved companies, notably, a rise of 1.73% in Eicher Motors' stock value.
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