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British American Tobacco PLC netted £1.05 billion from selling a 2.3% interest in ITC Ltd to help fund its share buyback, it said on Wednesday. ITC is a Kolkata-based conglomerate with businesses across the consumer goods sector in India. BAT said it completed a block trade of 313.0 million shares in ITC to institutional investors by way of an accelerated bookbuild process. Following the share disposal, BAT continues to have a 23.1% stake in ITC. The funds from the ITC share sale will be used to extend BAT’s existing share buyback programme by an additional £200 million, taking the total amount to be repurchased in 2025 to £1.1 billion, the maker of Dunhill and Lucky Strike cigarettes said. Back in March last year, BAT sold 436.9 million shares in ITC, netting £1.57 billion at the time. That block trade had represented a 3.5% stake in ITC. Shares in BAT were up 0.1% at 3,321.00 pence early Wednesday in London. They were up 0.2% at R 810.79 in Johannesburg. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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