New Delhi, May 28 (PTI) British Multinational Bat PLC on Wednesday, according to the conditions of the deal access by PTI, pruning its stake in ITC through a block deal of Rs 11,613 crore (USD 1.36 billion).
After sales after stake, ITC shares slipped 1.46 percent to trade NSE for Rs 419.85.
The British American tobacco (BAT), through its hand tobacco manufacturers (India) Limited, sold in ITC in Kolkata.
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Prior to the latest transactions, batting through their colleagues – Rothaan International Enterprises, Medalton Investment Company and Tobacco Manufacturers (India) Limited – are owned 25.44 percent stake in ITC Limited.
According to the block deal, 29 crore equity stocks of ITC were sold at a price of Rs 400 per share. Sources said that it represents a discount of about 7.8 percent for a closing price of Rs 433.90 on the National Stock Exchange (NSE) on Tuesday.
He said that Goldman Sachs (India) is a placement agent for Securities Private Limited and Citigroup Global Markets India transactions.
Sources said that the amount of 29 crore shares in the company is about 2.3 percent stake. At the cost of the proposal floor, the total size of the transaction is Rs 11,613 crore or (USD 1.36 billion).
The sale of shares was executed through several installments under the bulk sales route on BSE and NSE. Share sales are completely secondary in nature, meaning that ITC will not get any income from the deal, and the stake is being sold entirely by tobacco manufacturers (India) Limited. The seller and his colleagues will be subject to the lock-up period after six months.
In a regulatory filing at the London Stock Exchange, Bat PLC on Tuesday announced that its full -owned subsidiary intends to sell 2.3 percent of the simple share capital released in Tobacco Manufacturer (India) Limited ITC Limited.
The transaction will provide bat with increased financial flexibility as it saves changes, deleverages and durable shareholders to invest in returns.
BAT’s initial investment in ITC is in the early 1900s, and the two companies have a long, mutually beneficial relationship. As one of the major FMCG enterprises of India, ITC has given significant value to its shareholders.
After the completion of the block trade, BAT will be an important shareholder of ITC, with 23.1 percent holding in FMCG-to-Hotel Congress, ITC, this couple.
“ITC is a valuable partner of the bat in an attractive geography with long -term growth capacity, where BAT benefits from exposure to the world’s most populous market.
“Whenever this transaction supports delivery on our commitments for shareholders, we see ITC as a main strategic component of our global footprint because we are partners on business opportunities in India. I am confident that ITC will continue to make more values for our shareholders, under the leadership of our current management,” Bat’s Chief Executive Officer will continue to make more values, “said Tadudau Moroko said.
In March 2024, the British Multinational Bat PLC on Wednesday sold 3.5 percent stake in ITC Limited for Rs 17,485 crore.
BAT is in the business of consumer goods of multi-class. Its strategic portfolio includes the global cigarette brand and a growing limit of nicotine and smoking tobacco products, including the vapor brand vuse; Hot product brand ‘glow’ and velo, a modern oral (nicotine pouch) brand. PTI HG Dr.
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