Sunil Panray News Today : Breaking News, Live Updates & Top Stories | Vimarsana

ITC's hotel business will not have any board representation from its largest shareholder, BAT, according to a demerger document. BAT will own 15.32% in ITC Hotels as foreign direct investment, making it the largest public shareholder after ITC's promoter holding of 39.93%. BAT's chief executive Tadeu Marroco stated last December that ITC's hotel business was not an area of interest for the British tobacco maker.

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: 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 la...