BAT Offloads 2.5% ITC Stake via ₹12,927-Crore Block Deal

BRITISH AMERICAN TOBACCO on Wednesday offloaded a 2.5% stake in ITC for ₹12,927 crore ($1.5 billion), according to a revised term sheet.

- VIVEAT SUSAN PINTO

With this, the largest shareholder in ITC reduced its stake from 25.4% in the Indian cigarette-to-food conglomerate to 22.9% through block deals, relinquishing its veto rights in the process.

The deal was executed at ₹413 per share, with 313 million shares changing hands on the bourses. The transaction price reflected a 4.8% discount to ITC's closing price of ₹433.90 on the BSE on Tuesday. BAT stated that the net proceeds from the sale would amount to ₹12,100 crore.