BAT Sells 3.5% Stake in ITC for $2.1 Billion

BAT by 2FIRSTS.ai
Mar.14.2024
BAT Sells 3.5% Stake in ITC for $2.1 Billion
British American Tobacco (BAT) sells 3.5% stake in India's ITC Ltd for $2.1 billion, retaining 25.5% ownership.

According to a report from the Indian media outlet Theweek, British American Tobacco (BAT) sold a 3.5% stake in Indian Tobacco Company (ITC Ltd) through a public market transaction on March 13, with the total transaction amount reaching 174.85 billion rupees ($2.1 billion USD).

 

Despite completing this major transaction, BAT remains an important shareholder of ITC, holding a 25.5% stake in the company. Other shareholders of ITC include the Singapore government, Singapore Monetary Authority, Lockheed Martin Corporation, Goldman Sachs (Singapore), Copthall Mauritius Investments, BofA Securities Europe SA, Societe Generale, Morgan Stanley Asia Singapore Limited, and Ghisallo Master Fund LP.

 

BAT has sold over 436.8 million equity shares through its subsidiary India Tobacco Manufacturers (India) Ltd, in 48 transactions, equivalent to a 3.5% stake in ITC. The average selling price for these shares was 400.25 Indian rupees per share, with a total transaction value of 174.85 billion Indian rupees.

 

Over 30 institutions purchased shares in this sale, including ICICI Prudential Mutual Fund, Motilal Oswal MF, Nippon India MF, SBI MF, Max Life Insurance Company, IMF, Capital Group, Kuwait Investment Authority, The People's Bank of China, and International Bank for Reconstruction and Development.

 

It is reported that BAT plans to use the net proceeds from this bulk transaction to buy back its own shares by December 2025, starting as early as 2024, with a total amount of up to 700 million pounds. In addition, BAT will continue to use operating cash flow to fund its transformation and further reduce debt.

 

The initial investment by BAT in ITC can be traced back to the early 20th century, with both companies maintaining a mutually beneficial relationship for an extended period of time.

 

We welcome news tips, article submissions, interview requests, or comments on this piece.

Please contact us at info@2firsts.com, or reach out to Alan Zhao, CEO of 2Firsts, on LinkedIn


Notice

1.  This article is intended solely for professional research purposes related to industry, technology, and policy. Any references to brands or products are made purely for objective description and do not constitute any form of endorsement, recommendation, or promotion by 2Firsts.

2.  The use of nicotine-containing products — including, but not limited to, cigarettes, e-cigarettes, nicotine pouchand heated tobacco products — carries significant health risks. Users are responsible for complying with all applicable laws and regulations in their respective jurisdictions.

3.  This article is not intended to serve as the basis for any investment decisions or financial advice. 2Firsts assumes no direct or indirect liability for any inaccuracies or errors in the content.

4.  Access to this article is strictly prohibited for individuals below the legal age in their jurisdiction.

 

Copyright

 

This article is either an original work created by 2Firsts or a reproduction from third-party sources with proper attribution. All copyrights and usage rights belong to 2Firsts or the original content provider. Unauthorized reproduction, distribution, or any other form of unauthorized use by any individual or organization is strictly prohibited. Violators will be held legally accountable.

For copyright-related inquiries, please contact: info@2firsts.com

 

AI Assistance Disclaimer

 

This article may have been enhanced using AI tools to improve translation and editorial efficiency. However, due to technical limitations, inaccuracies may occur. Readers are encouraged to refer to the cited sources for the most accurate information.

We welcome any corrections or feedback. Please contact us at: info@2firsts.com

Australia cracks down on major tobacco smuggling case, involving tax evasion exceeding US$24.21 million
Australia cracks down on major tobacco smuggling case, involving tax evasion exceeding US$24.21 million
Australian police seize tons of illicit tobacco and millions of cigarettes in Victoria's largest illegal tobacco case.
Sep.11 by 2FIRSTS.ai
Firstunion Dual Heating System HTP “Biheat” Launches at InterTabac, Germany
Firstunion Dual Heating System HTP “Biheat” Launches at InterTabac, Germany
CFU launched the Biheat HTP series at InterTabac in Germany, featuring the world’s first dual-heating system combined with AI control and a 3.42-inch display, enabling multi-dimensional collaborative heating and personalized temperature adjustment, with each stick delivering over 40% more puffs than traditional solutions.
Sep.18
Product | Following the discontinuation of the AF5000, ELFBAR launches compliant alternative AF5500 in the UK.
Product | Following the discontinuation of the AF5000, ELFBAR launches compliant alternative AF5500 in the UK.
ELFBAR has launched the AF5500 in the UK, featuring a 12ml e-liquid capacity. Both its appearance and naming are similar to the popular "2+10" product, the AF5000, which was previously a bestseller in the region. The AF5000 has been removed from the market due to the disposable vape ban, and the AF5500 is likely to be its compliant alternative.
Sep.05 by 2FIRSTS.ai
TSA: E-Cigarettes and Vaping Devices Must Be Carried On, Not Checked
TSA: E-Cigarettes and Vaping Devices Must Be Carried On, Not Checked
The U.S. Transportation Security Administration (TSA) reiterates that e-cigarettes and electronic vaping devices must be placed in carry-on baggage and are strictly prohibited in checked luggage, primarily because lithium batteries pose a fire risk in the cargo hold. Travelers must prevent accidental activation, observe battery capacity limits, and note that e-cigarettes and traditional tobacco are completely prohibited for in-flight use.
Sep.23
Reynolds American Appoints Dawn-Marie Hutchinson as Senior Vice President and Chief Information Officer
Reynolds American Appoints Dawn-Marie Hutchinson as Senior Vice President and Chief Information Officer
Reynolds American Inc. has appointed Dawn-Marie Hutchinson as Senior Vice President and Chief Information Officer, effective October 1, 2025. She will lead the company’s technology, data, and cybersecurity strategy, bringing experience from BAT, GSK, and Urban Outfitters.
Sep.11 by 2FIRSTS.ai
BAT leaders caution that EU tax hikes may recreate Australia’s ‘black market expansion’ scenario.
BAT leaders caution that EU tax hikes may recreate Australia’s ‘black market expansion’ scenario.
BAT execs warn that steep EU tax hikes on cigarettes and alternatives could spur an Australia-style surge in illicit tobacco, arguing smugglers profit even if 24 of 25 containers are seized; the European Commission disputes this view.
Oct.14