Other Deals - Listed Firms
British American Tobacco sells 9% ITC Hotels stake for $425-M
British American Tobacco (BAT) has divested a 9% stake in listed ITC Hotels for USD 425 million (INR 38 Billion). The transaction was executed via an accelerated bookbuild process.Prior to this sale, BAT held a 15.3% stake in ITC Hotels, which it inherited when ITC Ltd spun off its hotels business in January. The objective behind this divestment was to reduce debt and exit an asset deemed non-strategic for BAT.Following the transaction, BAT's holding in ITC Hotels has decreased to 6.3%.
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