British American Tobacco divests 3.5 pc stake in ITC for Rs 17,485 cr

British multinational BAT Plc on Wednesday divested a 3.5 per cent stake in FMCG-to-hotel conglomerate ITC Ltd for Rs 17,485 crore through open market transactions.

British American Tobacco Plc (BAT), through its affiliate Tobacco Manufacturers (India) Ltd, offloaded more than 43.68 crore equity shares of ITC, amounting to 3.5 per cent stake, according to the block deal data available with the BSE.

The shares were sold in 48 tranches, with an average price of Rs 400.25 apiece, taking the transaction value to Rs 17,484.97 crore.