ITC share price drops over 4% as BAT says working towards monetising some of its stake

Posted on:
Key Points

ITC share price traded over 4% lower on Thursday as its largest shareholder BAT is working towards offloading some of its stake in the cigarette-to-hotels conglomerate..

We have been actively working for some time on completing the regulatory process required to give us the flexibility to monetise some of our shareholding and will update you at the earliest opportunity," BAT said in a release..

BAT holds a 29.03% stake in ITC valued and has been a shareholder in ITC since the early 1900s..

Our shareholding in ITC has existed in one way or another since the early 1900s and is subject to numerous share capital changes and regulatory restrictions," BAT said..

Full story at mint | 

You might be interested in

ITC stock slumps 4% after BAT reiterates intention to sell partial stake

08, Feb, 24

BAT has been an investor in ITC since the early 1990s, and it presently owns a little over 29% stake in the tobacco-to-hotels major. In December last year, BATs chief executive Tadeu Marroco had indicated the possibility of selling a partial stake in ITC, which has more than doubled in value in the last two years.

Read at Economic Times Key Points