Key Points
Shares of India's top cigarette seller ITC fell 2.5% to day's low of Rs 399.45 on BSE in Tuesdays trade amid reports that its largest shareholder British American Tobacco (BAT) may sell shares worth around $2-3 billion this week...
BAT's potential stake sale, which needs regulatory clearances, has been a supply hangover on ITC shares..
At present, BAT owns about 29% stake in the cigarettes-to-hotels major, shares of which have nearly doubled in the last 3 years...
BAT has been speaking with Bank of America and Citigroup about a potential divestment of around $2 billion to $3 billion through block trades, Bloomberg said, adding that the transaction could happen as soon as this week but may spill into next week depending on market conditions...
With overhang from BAT stake sale, two taxation events over the next 12 months, and slowdown in volume growth, we expect the stock to remain range-bound going forward," it had said.. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own..
You might be interested in
BAT launches 3.5% ITC stake sale via block trade, to hold 25.5% stake after deal: Report
12, Mar, 24BAT is offering 436.9 million shares at Rs 384 to Rs 400.25 each, as per a total deal size of Rs 16,775 crore.
No plans to sell SUUTI stake in ITC, says DIPAM Secy
13, Mar, 24As on December 31, 2023, Specified Undertaking of Unit Trust of India (SUUTI) held around 7.82 per cent stake in the diversified conglomerate ITC.
ITC share price: Shares of India's leading cigarette manufacturer dip below Rs 400 amidst BAT stake sale buzz
12, Mar, 24India Business News: Shares of India's leading cigarette manufacturer, ITC, dropped by 2.5% to touch a low of Rs 399.45 on the Bombay Stock Exchange (BSE) on Tuesday.
Major ITC Equity Shakeup: 12 million shares get reshuffled amid reports of British American Tobacco's divestment plans
12, Mar, 24ITC Ltd witnessed a substantial equity trade as British American Tobacco (BAT) considers selling its stake. Around 12 million shares changed hands, with buyer/seller identities undisclosed. BAT is discussing a potential $2-$3 billion divestment with Bank of America and Citigroup