28th May 2025 08:40
(Alliance News) - British American Tobacco PLC netted GBP1.05 billion from selling a 2.3% interest in ITC Ltd to help fund its share buyback, it said on Wednesday.
ITC is a Kolkata-based conglomerate with businesses across the consumer goods sector in India.
BAT said it completed a block trade of 313.0 million shares in ITC to institutional investors by way of an accelerated bookbuild process. Following the share disposal, BAT continues to have a 23.1% stake in ITC.
The funds from the ITC share sale will be used to extend BAT's existing share buyback programme by an additional GBP200 million, taking the total amount to be repurchased in 2025 to GBP1.1 billion, the maker of Dunhill and Lucky Strike cigarettes said.
Back in March last year, BAT sold 436.9 million shares in ITC, netting GBP1.57 billion at the time. That block trade had represented a 3.5% stake in ITC.
Shares in BAT were up 0.1% at 3,321.00 pence early Wednesday in London. They were up 0.2% at ZAR810.79 in Johannesburg.
By Artwell Dlamini, Alliance News reporter
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