Marshall Wace sells shares in 21 companies for Rs 2,365 crore

UK-based hedge fund Marshall Wace on Tuesday divested its stakes in 21 companies, including Bank of Baroda, Canara Bank, Bandhan Bank, Manappuram Finance, and Union Bank of India, for Rs 2,365 crore through open market transactions.

Marshall Wace through its affiliates -- Marshall Wace Investment Strategies - Eureka Fund and Marshall Wace Investment Strategies Global Financials Market Neutral Fund -- offloaded shares of 21 companies through different block deals on the NSE.

According to the block deals data available on the National Stock Exchange (NSE), Marshall Wace sold shares of Bank of Baroda for Rs 853 crore, Canara Bank for Rs 422 crore, Bandhan Bank for Rs 219 crore, Union Bank of India for Rs 190 crore and Manappuram Finance for Rs 140 crore.

Marshall Wace also divested its stakes in Power Finance Corporation, Zomato, Devyani International, ICICI Securities, Rural Electrification Corp, Vedant Fashions, PB Fintech, Life Insurance Corporation of India, Bank of Baroda, Bank of India, PNB Housing Finance, among other companies.

Shares were disposed of within the price range of Rs 133.86-1,242.90 apiece, taking the combined transaction value to Rs 2,365.60 crore.

Meanwhile, Paris-based financial services company Societe Generale bought shares at the same price on the NSE.

On Tuesday, shares of Canara Bank rose 0.13 per cent to close at Rs 600.55 apiece, and shares of Bandhan Bank gained 1.02 per cent to settle at Rs 182.65 on the NSE.

However, the scrip of Union Bank of India declined 2.39 per cent to end at Rs 147 per piece, Manppuram Finance fell 0.55 per cent to Rs 189.95, and Bank of Baroda went lower by 0.46 per cent to finish at Rs 260.10 apiece on the bourse.