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The S&P BSE Sensex plunged more than 900 points while the Nifty50 failed to hold on to 22,000 towards the close of the session. Sectorally, selling was seen in utilities, power, public sector, metals and telecom stocks.
The big sale by BAT turned out to be a blessing in disguise rather than a nightmare for shareholders of ITC, as the stock shot up nearly 9% intraday. The stock ended 4.5% higher on the BSE at Rs 422.40. This indicates the strong institutional interest in the stock given the upbeat growth outlook.
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.
Indian benchmark equity indices traded higher ahead of U.S. CPI inflation data. BSE Sensex and Nifty50 continued to trade higher. TCS, Infosys, Tech Mahindra, and HCL Tech rose, while ITC, SBI, NTPC, Bajaj Finance, and Bajaj Finserv traded with cuts. Aditya Birla Capital shares rose over 6% after announcing a merger with Aditya Birla Finance.
Shares of ITC fell on reports of BAT potentially selling $2-3 billion worth of shares. The divestment, subject to regulatory clearances, has caused a supply hangover on ITC shares.
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BAT will sell the stake in ITC Ltd at a discount. Proceeds will fund buyback and deleveraging efforts, ensuring a significant ownership stake post-sale.
India Business News: KOLKATA: British American Tobacco, one of the world's largest tobacco products companies that is also the biggest shareholder in tobacco-to-FMCG major.