BAT Completes $1.05 Billion ITC Stake Sale

Published 1 days agoBTI

BAT Completes $1.05 Billion ITC Stake Sale

British American Tobacco (BAT) has finalized the sale of approximately 2.3% of its stake in India's ITC Limited, earning about $1.05 billion from the transaction. This move reduces BAT's stake in ITC to 23.1%, as noted by Reuters, highlighting a strategic adjustment in their investment portfolio.

The revenue generated from this sale is set to boost BAT's share buyback program for 2025 by £200 million, reaching a total of £1.1 billion—or approximately $1.49 billion. This is not the first instance of BAT trimming its stake in ITC; in March 2024, the company executed a larger sale of 3.5% for roughly $2 billion, marking one of the largest block deals in the Indian market.

Despite these divestments, BAT remains the largest investor in ITC. The company is focused on enhancing shareholder returns and managing financial leverage. However, it has been managing challenges like tax pressures, impacting revenue growth forecasts, with expectations of a modest 1% growth for 2025.

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