British American Tobacco sells 2.5 per cent stake in ITC for Rs 12,927 crore

British multinational BAT Plc on Wednesday trimmed its ownership in conglomerate ITC by divesting a 2.5 per cent stake for Rs 12,927 crore (USD 1.51 billion) through a block deal, according to a revised term sheet accessed by PTI.

Following the stake sale, shares of ITC went lower by 1.15 per cent to trade at Rs 421.15 apiece on the NSE. British American Tobacco (BAT), through its arm Tobacco Manufacturers (India) Ltd, sold the



stake in Kolkata-based ITC.

Before the latest transaction, BAT through its affiliates — Rothmans International Enterprises, Myddleton Investment Company and Tobacco Manufacturers (India) Ltd — owned a combined 25.44 per cent stake in ITC Ltd.

Following the completion of the block trade, BAT will remain a significant shareholder of ITC, with less than 23 per cent stake in FMCG-to-hotel conglomerate ITC.