08:51 AM EDT, 03/18/2024 (MT Newswires) -- British American Tobacco ( BTI ) said Monday that it has launched a program to buy back 1.6 billion British pounds ($2.04 billion) in shares.

The program, which will end on Dec. 31, 2025, will begin with 700 million pounds allocated to repurchases this year and 900 million pounds next year. The repurchases will not include the company's US-listed American depositary receipts, the company said.

The company said it will fund the repurchases with 1.57 billion pounds in proceeds it generated from its March 12 sale of 436.9 million shares of Indian conglomerate ITC Limited.

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