While BNP Paribas sold 5.09 Cr shares at ₹327.93 apiece to rake in ₹1,670.9 Cr, Millennium affiliate sold 4.9 Cr shares at ₹327.9 to lap up nearly ₹1,594 Cr
The stake sale came ahead of MSCI index rejig, which is all set to increase the weightage for the Eternal stock
Separately, BNP Paribas bought 64,474 shares at ₹320.28 each for ₹2.1 Cr and Millennium affiliate purchased 10,758 shares at ₹328.95 apiece for ₹35.4 Lakhs
French financial services giant BNP Paribas and US-based hedge fund Millennium Management sold over 9.9 Cr shares of listed foodtech giant Eternal in block deals cumulatively worth over ₹3,264.8 Cr.
As per NSE data, BNP Paribas sold 5.09 Cr shares at ₹327.93 apiece to rake in ₹1,670.9 Cr, while Millennium affiliate, Integrated Core Strategies (Asia) Pte Ltd, sold 4.9 Cr shares at ₹327.9 to lap up nearly ₹1,594 Cr.
Separately, BNP Paribas bought 64,474 shares at ₹320.28 each for ₹2.1 Cr and Integrated Core Strategies (Asia) Pte Ltd purchased 10,758 shares at ₹328.95 apiece for ₹35.4 Lakhs.
The sold shares changed hands at an average price of ₹327.92 apiece, a premium of 0.06% to the stock’s closing price on Monday.
There was no clarity on who lapped up the shares that flooded the market. Overall, as per reports, 20.2 Cr Eternal shares worth ₹6,626 Cr changed hands during the day.
The stake sale came ahead of MSCI (Morgan Stanley Capital International) index rejig, which will take effect on September 1. As per reports, the rebalancing is all set to increase the weightage for the Eternal stock.
This comes as investors continue to be bullish on Eternal. Shares of the foodtech giant have surged more than 30.9% in the past three months, and are up 18% on a year-to-date (YTD) basis.
The uptick in Eternal’s stock price has come on the back of strong financial performance by the startup despite raging competition in the quick commerce space and entry of new players such as Rapido’s Ownly and potentially Flipkart in the food delivery space.
On the financial front, Eternal reported a consolidated net profit of ₹92 Cr in Q1 FY27, up nearly 3.7X from ₹25 Cr in the year-ago quarter. Meanwhile, operating revenue surged 182% YoY and 17% QoQ to ₹20,211 Cr during the quarter under review.
Notably, the stake sale came on the same day as the listed giant’s food delivery arm Zomato shut down its customer support operations in Hyderabad and laid off around 240 employees. On the same day, Zomato said that it was banning dishes containing analogue dairy products, including analogue paneer, on its platform.
Shares of Eternal closed Monday’s trading session 0.02% lower at ₹327.7 on the BSE.
Source: Inc42
