Promoters and private investors are ramping up sales of Indian equities, doubling the deal’s value to $67 billion in 2024.

Relentless selling by foreign portfolio investors of Indian equities has not stopped promoters, private equity investors and other investors from monetizing their stakes in companies, with sales through wholesale and block deals doubling in 2024 to over $67 billion to date.

During the same period last year, total sales were just over $33 billion, according to Primedatabase.com.

The number of deals also increased in 2024 to more than 23,000 from about 14,366 deals a year ago.

Some months saw a surge in volume and wholesale trading, coinciding with a rally in equity markets.

For example, there was a huge surge in sales in June with the value rising to over ₹1 million crore and after falling to ₹48,295 crore in July, it rose again in August to around ₹75,000 crore. However, accelerated sales by foreign investors and volatility in stock markets held back transaction volumes.

Sales fell to ₹57,085 crore in September and ₹30,889 crore in October, when FPIs sold the most. There were 141 deals worth ₹1,092 crore in November.

Of the more than 12,400 deals in the first half, more than 62 percent were value deals. There were fewer deals in the second half of the year due to falling stock markets and lower valuations.

While the bulk of the sales were done by private equity firms and strategic investors who wanted to make some money, promoters were also busy trimming stakes to raise funds either for philanthropy, to pay off debt or to invest in new ventures.

Several multinationals have also sold stakes in their Indian subsidiaries to resolve their own debt problems at home, for example, BAT Plc sold stake in its Indian unit to ITC Ltd, Vodafone Group sold stake in Indus Towers, Whirlpool sold 24% stake in its Indian unit Unit and Sumitomo Wiring are selling a small stake in Samvardhana Motherson.