British American Tobacco Considers Partial Sale Of ITC Stake

British American Tobacco p.l.c. said on Tuesday it is considering partially selling its 25.4% stake in ITC Ltd., held through three entities.

Tobacco Manufacturers (India) Ltd. holds 20.3%, Myddleton Investment Co. Ltd. 3.9%, and Rothmans International Enterprises Ltd. 1.2%, making British American Tobacco ITC’s single-largest shareholder.
Two of ITC’s 16 board directors represent Tobacco Manufacturers (India).

In a notice to the London Stock Exchange, British American Tobacco said it is evaluating a possible disposal of a small part of its shareholding via an on-market trade. There is no certainty the transaction will proceed or on the terms. A further update will follow if appropriate.