 "BAT plans to sell up to 3.5% of stake in ITC, will own 25.5% after sale")
British American Tobacco said on Tuesday it planned to sell up to 3.5% of its stake in India's ITC and use the proceeds for stock buybacks, including 700 million pound ($895.30 million) worth of shares in 2024.
The sale of 437 million ordinary shares in ITC through a block trade, will cut the Dunhill cigarette maker's shareholding to about 25.5% from about 29%.
BAT plans to buy back shares over a period ending December 2025, it added.
ALSO READ: ITC slumps to 8-month low; slips 2% as BAT may sell partial stake this week
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