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BAT Sells $1.5 Billion Stake in ITC as It Seeks to Pare Debt
Mint Kolkata
|May 29, 2025
BAT said the sale would provide greater financial flexibility as it pursues its deleveraging and transformation
British American Tobacco (BAT) offloaded a $1.5 billion (approximately ₹12,926 crore) stake in ITC Ltd on Wednesday through a block deal, slightly more than what it had originally planned, according to terms reviewed by Mint.
On Tuesday, BAT had announced plans to sell a 2.3% stake in ITC by offloading 290 million shares, valued at about $1.36 billion. However, the term sheet showed the final transaction size increased to 313 million shares, or roughly 2.5% of ITC's total equity, with the offer priced at ₹413 per share—reflecting a 4.8% discount to ITC's Tuesday close of ₹433.90 on the National Stock Exchange (NSE).
This story is from the May 29, 2025 edition of Mint Kolkata.
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