BAT Sells $1.5 Billion Stake in ITC as It Seeks to Pare Debt

BAT said the sale would provide greater financial flexibility as it pursues its deleveraging and transformation

- Priyamvada C

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).