A series of block deals were the high point in an otherwise dull market today. Nestle SA, the swiss parent, reportedly bought about 16 lakh shares of Nestle India, at Rs 570 per per share in a Rs 91.2 crore deal.
The Hero Honda counter witnessed two block deals of 3 lakh shares each in the afternoon at Rs 274.65 and Rs 275. But the first off the block was the Reliance Industries counter where a block of 15 lakh shares was sold at 10.17 am at Rs 247 per share for a total amount of about Rs 43 crore.
At least in some of the cases Unit Trust of India was the seller. It has been selling stocks in the market to meet its redemption obligations.
The Trust is reported to have sold 5 per cent of its holding in Nestle India to its parent. Other sellers included Alliance. Salomon Smith Barney is reported to have brokered the deal.
On August 20, a block deal had taken place at Rs 570 per share but this involved only around 15,000 shares.
The total equity capital of Nestle is held in 9.6 crore shares. With this acquisition, the promoters
