1 year ago

BAT to offload 3.5% stake in ITC via block trade; details here

BAT PLC announced on Tuesday its plans to divest up to a 3.5 percent stake in India's ITC Ltd to institutional investors through a block trade. Through its wholly-owned subsidiary, Tobacco Manufacturers Ltd, BAT aims to sell up to 43,68,51,457 ordinary shares in ITC Ltd via an accelerated bookbuild process, subject to standard closing conditions. Additionally, the statement by ITC further mentioned that after the completion of the proposed block trade, BAT would retain a substantial stake in ITC, maintaining a 25.5 percent ownership interest. The statement further outlines the company's plans to utilize the net proceeds from the block trade for buying back BAT shares until December 2025.

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