Catch agreement on May 27: Batting to sell 2.3% stake in ITC worth £ 11,613 crore remains the largest shareholder | Einsmark news

British American Tobacco PLC plans to have an interest in Indian tobacco manufacturer ITC Ltd. to sell at least $ 1.36 billion. The Lucky Strike-Maker offers as many as 290 million shares at a floor price of 400 rupees ($ 4.69) per share, according to conditions Bloomberg saw. The interest accounts for as much as 2.3% of the outstanding shares of ITC. BAT will use the returns to increase its shares repurchase by £ 200m to a total of £ 1.1bn in 2025, the company said in a statement on Tuesday. The remaining interest in ITC is still seen as a ‘core strategic component of our global footprint,’ said Tadeu Marroo, CEO. BAT is the largest shareholder of ITC and owns about a quarter of the company, according to data compiled by Bloomberg. Last year, it sold a position worth around £ 1.57bn and also used the returns to buy back shares. ITC is an Indian conglomerate that earns a large part of its income from cigarettes and also runs other businesses, including food products and packaging.