(Reuters) – British American Tobacco said on Tuesday it planned to sell up to 3.5% of its stake in India’s ITC and use the proceeds for stock buybacks, including 700 million pound ($895.30 million) worth of shares in 2024.
The sale of 437 million ordinary shares in ITC through a block trade, will cut the Dunhill cigarette maker’s shareholding to about 25.5% from about 29%.
BAT plans to buy back shares over a period ending December 2025, it added.
($1 = 0.7819 pounds)
(Reporting by Eva Mathews in Bengaluru; Editing by Anil D’Silva)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.