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British American Tobacco Unit to Sell 2.3% Stake in ITC
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British American Tobacco Unit to Sell 2.3% Stake in ITC
May 27, 2025 9:54 AM

12:29 PM EDT, 05/27/2025 (MT Newswires) -- British American Tobacco ( BTI ) said Tuesday its unit Tobacco Manufacturers (India) will sell 2.3% of its stake in ITC to institutional investors via an accelerated block trade.

The trade is expected to provide British American Tobacco ( BTI ) with more financial flexibility as it focuses on investments related to transformation and sustainable shareholder returns, the company said in a filing.

Proceeds from the stake sale will enable the company to reach the targeted 2 to 2.5x adjusted net debt/earnings before interest, taxes, depreciation, and amortization leverage corridor by the end of 2026 and expand the share buyback program by 200 million British pounds ($270.2 million) to 1.1 billion pounds in 2025, it added.

Price: 45.09, Change: -0.13, Percent Change: -0.30

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