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– BAT plans to sell up to $2.1 billion shares in ITC.
– Offering 436.9 million shares at 384-400.25 rupees each, up to 5% discount.
– BAT owns about 29% of ITC, and aims to optimise its portfolio.
– ITC, a conglomerate, is diversifying away from tobacco.
– Sale facilitated by Bank of America and Citigroup.
– BAT shares up, ITC shares slightly down post-announcement.
– Move reflects BAT’s strategy for agility and portfolio management.
British American Tobacco Plc (BAT), renowned for its iconic Lucky Strike cigarettes, is making headlines with its strategic decision to divest a portion of its stake in ITC Ltd, one of India’s leading conglomerates. Here are the key details:
In summary, BAT’s move to sell a substantial stake in ITC reflects its strategic realignment and capital optimization. As the tobacco industry evolves, BAT’s decision underscores the need for agility and adaptability in managing global portfolios.
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