BAT Divests Stake in ITC: Strategic Moves for Financial Flexibility
British American Tobacco (BAT) has reduced its ownership in ITC, a prominent FMCG firm in India, by selling a 2.5% stake valued at Rs 12,941 crore. This move is part of BAT's strategy to gain financial flexibility, boost shareholder returns, and advance their transformation and deleverage efforts.
- Country:
- India
British American Tobacco (BAT) has trimmed its stake in Indian FMCG giant ITC, reducing its shareholding from 25.44% to 22.94% by offloading a 2.5% share for Rs 12,941 crore.
The transaction, executed through open market deals at an average price of Rs 413 per share, grants BAT a financial boost and supports its strategic commitments.
Proceeds will fund BAT's share buyback programme, extending it by 200 million pounds, and enhance the group's financial agility amid its global transformation goals.
(With inputs from agencies.)
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