 "British American Tobacco plans to offload stake in India's ITC Hotels")
British American Tobacco is looking to offload its stake in India's ITC Hotels, it said on Thursday, through an accelerated bookbuild process.
The tobacco group plans to sell between 7% and its entire 15.3% stake in ITC Hotels, with proceeds from the block trade earmarked for deleveraging its balance sheet.
In May, BAT sold a $1.5 billion stake in ITC Ltd, the parent company from which ITC Hotels was spun off as a separate listed entity in January.
"As previously stated, a direct stake in ITC Hotels is not a strategic holding for BAT," CEO Tadeu Marroco said, adding that its direct shareholding in ITC Hotels was a result of the demerger process earlier this year.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)