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BAT plans to sell up to 3.5% of stake in ITC, will own 25.5% after sale

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, company said

1 min read Last Updated : Mar 12 2024 | 6:05 PM IST

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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.

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