Key Points
London-listed British American Tobacco Plc will be selling 3.5% stake, which is around in $2.1 billion of shares, ITC Ltd via block trade to institutional investors..
The makers of Lucky Strike cigarettes are offering 436.9 million shares at Rs 384 to Rs 400.25 each, as per a total deal size of Rs 16,775 crore, Reuters reported..
The sale of 43.69 crore ordinary shares in ITC through a block trade, will cut the Dunhill cigarette maker's shareholding to about 25.5% from about 29%, a report in CNBC Awaaz stated..
BAT's wholly owned subsidiary Tobacco Manufacturers (India) Limited wants to sell 43.68 crore shares of ITC to institutional investors using an accelerated bookbuild process, subject to customary closing conditions..
Earlier, BAT said it would use the proceeds of the sale to buyback BAT shares over a period ending December 2025, with about 700 million this year itself...
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