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British American Tobacco looks to raise $2.5 billion by trimming 4% stake in ITC, ropes in Wall St banks

BAT has 29.03% holding in the cigarette-to-chips conglomerate, as per December 2023 disclosures. Based on Mondays closing price, BATs shareholding is valued at Rs 1.47 lakh crore ($17.75 billion). ITCs total market capitalisation amounted to Rs 5.07 lakh crore ($61.17 billion). BAT sells cigarettes under brands such as Dunhill, Kent and Lucky Strike. The value unlocking could potentially help it prune leverage and resume a share buyback programme to enhance shareholder value. It launched the 2 billion buyback in 2022, but didnt renew it last year.

British American Tobacco looks to raise $2.5 billion by trimming 4% stake in ITC, ropes in Wall St banks, ET Retail

British American Tobacco: BAT has 29.03% holding in the cigarette-to-chips conglomerate, as per December 2023 disclosures. Based on Monday’s closing price, BAT’s shareholding is valued at Rs 1.47 lakh crore ($17.75 billion). ITC’s total market capitalisation amounted to Rs 5.07 lakh crore ($61.17 billion). BAT sells cigarettes under brands such as Dunhill, Kent and Lucky Strike. The value unlocking could potentially help it prune leverage and resume a share buyback programme to enhance shareholder value. It launched the 2 billion buyback in 2022, but didn’t renew it last year.

ITC: ITC director David Robert Simpson resigns - The Economic Times

David Robert Simpson was on the ITC board as a representative of Tobacco Manufacturers (India) Ltd, a subsidiary of British American Tobacco plc.

ITC director David Robert Simpson resigns

David Robert Simpson was on ITC board as a representative of Tobacco Manufacturers (India) Ltd, a subsidiary of British American Tobacco plc.

ITC Non-Executive Director David Robert Simpson resigns

His resignation will be effective from January 30

GQG Partners raises stake in ITC, holding value worth ₹16,400 crore

GQG Partners raises stake in ITC, holding value worth ₹16,400 crore

ITC Share Price Graph And News - FMCG Major