Debt-ridden British American Tobacco (BAT) plans to sell a 3.5% stake in ITC Ltd for $2.1 billion, reducing its shareholding to 25.5%. BAT's subsidiary will facilitate the stake sale through an accelerated bookbuild process, using the proceeds to buy back BAT shares and maintain strategic influence in ITC. According to the term sheet of the block deal, BAT is offering 43,68,51,457 shares of ITC in a price range of Rs 384-400.25.