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British American Tobacco PLC on Tuesday confirmed that it is evaluating a possible disposal of a small part of its interest in ITC Ltd in the open market. ITC is a Kolkata-based conglomerate with businesses across the consumer goods sector in India. The London-based cigarette and nicotine product manufacturer, whose notable brands include Dunhill and Lucky Strike, was reacting to the recent speculation over the potential disposal of part of its shareholding in ITC. ‘There can be no certainty that any such transaction will proceed, nor can there be any certainty as to the terms of any potential transaction,’ BAT said. BAT in March 2024 sold 436.9 million shares in ITC, netting £1.57 billion at the time. The block trade shares represented 3.5% of ITC’s issued share capital. BAT retains a 25% stake in ITC following the disposal. The cigarette and nicotine product manufacturer said it intended to use the net proceeds of the block trade to buy back its own shares over a period ending December 2025, starting with £700 million in 2024. Shares in BAT were down 0.2% to 3,330.00 pence each on Tuesday afternoon in London, but they were 0.9% higher at R 807.32 each in Johannesburg. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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