Top ITC Investor British American Tobacco Planning To Reduce Its Stake

British American Tobacco said on Tuesday it is considering further reducing its stake in Indian consumer goods company ITC in a potential on-market sale.

BAT is currently ITC's top investor, with a 20.3% stake according to LSEG data.

The London-listed cigarette maker had last year sold 436.9 million shares, or roughly 3.5% of ITC's outstanding shares, for about $2 billion in what was India's third-largest block deal ever.

The British firm, which has cigarette brands such as Dunhill and Lucky Strike, did not disclose more details on Tuesday and said there was no certainty that any such transaction will proceed.

In February, the London-listed cigarette maker forecast a mere 1% growth in its annual revenue primarily due to tax headwinds in Bangladesh and Australia.

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