Foreign mutual funds, local funds, promoters and the high profile, high net worth individual Rakesh Jhunjhunwala starred in a string of block deals on the Bombay Stock Exchange between February 19 and March 1, 2004. The block deals were made at discounts of 1-5 per cent to the prevailing market prices of shares.

Thirty individuals informed the BSE, at different times in the last eight trading days between February 19 and March 1, that they either sold or bought 28.70 million shares of 13 companies, valued at Rs 35 crore (Rs 350 million).

The Securities and Exchange Board of India norms require investors to inform the stock exchanges of any block deals amounting to more than 0.5 per cent of a company's equity.

Sebi introduced this norm with a view to imparting transparency in bulk deals and prevent rumours and speculation about such deals.

Rakesh Jhunjhunwala sold 75,000 shares of Ramco Systems and 28,750 shares of Prime Textiles for a total value of Rs 2.10 crore (Rs 21 million).

Interestingly, Jhunjhunwala sold the Ramco Systems shares to his wife Rekha Jhunjhunwala at a price of Rs 275 per share. He also sold 28,750 shares of Prime Textiles to Manoj Kumar Patodia at Rs 12.74 per share.

HSBC Equity Fund bought 100,000 shares of Indian Rayon and HSBC India Opportunities Fund purchased 390,000 equity shares of Indian Rayon from Barings Asset Management in a deal valued at Rs 9.84 crore (Rs 98.4 million).

HDFC Mutual Fund- Growth Fund sold 200,000 shares of Jindal Stainless Steel valued at Rs 8.80 crore (Rs 88 million) at an average price of Rs 440 per share.

Phipson Distillery did a block deal with Birla Advantage Fund and Birla Balance Fund for 127,000 shares of Champagne Indage at an average price of Rs 22 per share, in a deal valued at Rs 0.28 crore.