British American Tobacco has
sold more than half its stake in ITC Hotels for about
38 billion rupees ($424.70 million), the tobacco giant said on
Friday.
BAT held a 15.3% stake in the company, which it sought to dilute to reduce debt
and exit a non-strategic asset. After the 9 per cent stake sale, it now
holds 6.3 per cent.
The maker of Lucky Strike and Dunhill cigarettes was the
second-biggest shareholder in ITC Hotels before the sale,
according to LSEG data. It inherited the stake when ITC Ltd
spun off its hotels business in January while holding
the largest stake.
BAT sold 187.5 million shares in ITC Hotels through an
accelerated bookbuild process.
Shares of the India-listed company were down 1 per cent on
Friday.