Key Points
: Shares of India's leading cigarette manufacturer, ITC, dropped by 2.5% to touch a low of Rs 399.45 on the..
(BAT), is gearing up to sell shares worth approximately $2-3 billion this week...
Bloomberg reported that BAT has been in talks with Bank of America and Citigroup regarding a potential divestment of $2 billion to $3 billion through. . The transaction could occur as early as this week but might extend into the following week based on market conditions...
They have been actively working on completing the necessary regulatory processes to enable them to monetise some of their shares in ITC.. Recently, BAT has indicated that holding a 25% stake in ITC should be enough to maintain strategic influence, which includes having veto rights...
Jefferies observed that ITC has performed well over the past 2-3 years, with a significant rebound in cigarette sales after COVID-19, resulting in a higher stock rating..
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ITC shares fall below Rs 400-level as BAT gets ready to offload stake
12, Mar, 24Shares of ITC fell on reports of BAT potentially selling $2-3 billion worth of shares. The divestment, subject to regulatory clearances, has caused a supply hangover on ITC shares.
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.
BAT sells ITC stake for Rs 17,400 crore; over 30 institutional investors pick up shares
13, Mar, 24The big sale by BAT turned out to be a blessing in disguise rather than a nightmare for shareholders of ITC, as the stock shot up nearly 9% intraday. The stock ended 4.5% higher on the BSE at Rs 422.40. This indicates the strong institutional interest in the stock given the upbeat growth outlook.
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.
ITC stock slumps 4% after BAT reiterates intention to sell partial stake
08, Feb, 24BAT 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.
Jefferies downgrades ITC, slashes target price to ₹430
09, Feb, 24Over the last three years, ITC stock has given a return of more than 3x from led by strong cigarette volume growth, scale-up in FMCG, improved capital allocation, & increase in FII holding.
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