No plans to sell SUUTI stake in ITC, says DIPAM Secy

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The government has no plans to sell its part stake in ITC, held through SUUTI, amid BAT paring its stake through a block deal in the Kolkata-based FMCG player, a top official said on Wednesday..

As on December 31, 2023, Specified Undertaking of Unit Trust of India (SUUTI) held around 7.82 per cent stake in the diversified conglomerate ITC..

British multinational BAT Plc on Tuesday said it plans to sell up to 3.5 per cent stake in India's ITC Ltd to institutional investors through a block trade..

In a statement, British American Tobacco Plc (BAT), had said its wholly-owned subsidiary Tobacco Manufacturers (India) Ltd (TMI) intends to sell up to 43,68,51,457 ordinary shares in the Indian diversified entity to institutional investors by way of an accelerated bookbuild process (block trade), subject to customary closing conditions. ..

"The block trade shares represent up to 3.5 per cent of ITC's issued ordinary share capital," it said, adding, that following the completion of the proposed block trade, BAT will remain a significant shareholder of ITC, with 25.5 per cent holding..

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