From Yahoo Finance: 2025-05-27 09:44:00

British American Tobacco sold a $1.5 billion stake in Indian consumer goods company ITC at 413 Indian rupees per share. They sold 313 million shares, exceeding the initial plan, representing 2.5% of ITC. The final sale price was a 4.8% discount to ITC’s closing price. BAT will remain ITC’s largest shareholder. Shares of ITC dropped nearly 3% to 421.70 rupees. The deal is the second major block trade in India this week after IndiGo co-founder Rakesh Gangwal sold a 5.7% stake in the low-cost carrier worth $1.36 billion. BAT will increase its share buyback programme by 200 million pounds as a result of the deal. Last year, BAT sold 436.9 million shares for about $2 billion. The British firm forecast 1% growth in annual revenue, citing tax headwinds in key markets.



Read more at Yahoo Finance: British American Tobacco sells $1.5 billion stake in India’s ITC via block deal