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The stake sale could lead to a re-rating of ITC's stock, per experts and the increase in free float will cause an upward adjustment in the weights on the index.
"There is no such plan at the moment," Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey told PTI.
British American Tobacco is actively working to sell some of its shareholding in India's ITC, signaling a move towards resuming share buybacks. The company disappointed investors last year by not initiating a buyback program, but now aims to reduce debt and invest in new products by selling its stake in ITC.
As per the data, two funds associated with Rajiv Jain's GQG Partners namely GQG Partners Emerging Markets Equity Fund and Goldman Sachs Trust II - Goldman Sachs GQG Partners International Opportunities Fund together held 2.79 per cent stake in cigarette maker ITC as of December quarter.