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British American Tobacco, the top investor in ITC Ltd., has pare its stake in the Indian cigarette-maker through block deals, it said in a statement on Wednesday.
BAT offloaded 2.5% stake representing 31.3 crore shares for Rs 12,100 crore on Wednesday, according to the company statement.
NDTV Profit had reported that BAT would be offloading shares in the company on Wednesday at an 8% discount to the current market price.
BAT held a total of 20.31% stake in ITC as of March 31, 2025, according to the shareholding pattern available with the BSE. The shares are owned by its local subsidiary – Tobacco Manufacturers (India) Ltd.
After the stake sale BAT’s holding in ITC slips to 17.81%. In the statement BAT said that it would use the proceeds from the block deal to extends the Group’s existing share buyback programme by an additional approximately Rs 2,310.6 crore taking the total amount to Rs 12,714 crore.
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