Key Points
Debt-ridden cigarette seller British American Tobacco (BAT) on Tuesday announced that it will sell a 3.5% stake in Kolkata-based FMCG firm ITC Ltd through a block deal...
As and when the transaction is completed, the date of which has not yet been announced, BAT's shareholding in ITC will fall to 25.5% from about 29% currently...
BAT's wholly-owned subsidiary Tobacco Manufacturers (India) Limited intends to sell 43.68 crore shares of ITC to institutional investors by way of an accelerated bookbuild process, subject to customary closing conditions...
Describing ITC as a valued associate of BAT in an attractive market with long-term growth potential, the London-based company said BAT's initial investment in ITC dates back to the early 1900s and the two companies have a longstanding, mutually beneficial relationship...
As one of India's leading FMCG enterprises, ITC has delivered significant value for its shareholders and BAT continues to be fully supportive of ITC's management team, performance and strategy, it said.. Ahead of the announcement, ITC shares ended 1.26% lower at Rs 404.25 on BSE as the stake sale could create a supply overhang in the market...
