BAT to Reduce Stake in ITC, Boost Share Buyback

Published 20 hours agoBTI

BAT to Reduce Stake in ITC, Boost Share Buyback

British American Tobacco (BAT) has announced plans to offload approximately 2.3% of its stake in India's ITC Ltd through a block trade. This move will see BAT retaining a 23.1% interest in ITC, ensuring it remains the single largest investor in the conglomerate.

The proceeds from this divestment are earmarked to enhance BAT's ongoing 2025 share buyback program by an additional £200 million, elevating the total buyback to £1.1 billion ($1.49 billion). According to Reuters, these actions align with BAT’s broader financial activities and do not affect this year’s financial outlook.

Previously, in 2024, BAT had sold a larger 3.5% stake in ITC, amounting to around $2 billion, which was one of India's most significant block deals. The strategic intent behind the latest sale is geared towards increasing shareholder returns while navigating modest projected revenue growth for 2025, influenced by tax pressures in key markets such as Bangladesh and Australia.

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