Tuesday, July 29, 2025

Creating liberating content

Thomas Fuller | Lightrocket | Getty Images Spotify shares dropped

Related News

Wall Street inched up on Tuesday with the S&P 500 and Nasdaq hitting fresh record highs, but gains were capped as investors remained cautious ahead of the Federal Reserve’s interest

Boeing Co posted a smaller second-quarter loss and stronger revenue, buoyed by a jump in commercial plane deliveries, even as the aerospace giant continued to grapple with safety scrutiny and

The Reserve Bank of India has capped investment by any single regulated entity—such as banks, NBFCs, or All-India Financial Institutions—at 10% of the corpus of any Alternative Investment Fund (AIF)

Thomas Fuller | Lightrocket | Getty Images Spotify shares dropped about 4% Tuesday after the music streaming platform fell short of Wall Street’s expectations and posted weak guidance for the

Talks are stalemated over the issue of farm tariffs and India’s reluctance to allow genetically modified soybean and maize, among other things. (AI image) New Delhi: With barely two days

India’s trade performance showed strength in the first quarter of financial year 2026, as reported in the Monthly Economic Review by the Department of Economic Affairs (DEA).The report, cited by

Trending News

The Reserve Bank of India has capped investment by any single regulated entity—such as banks, NBFCs, or All-India Financial Institutions—at 10% of the corpus of any Alternative Investment Fund (AIF)

Global shares traded on mixed cues on Tuesday as investors focused on high-stakes trade negotiations between the US and China, while awaiting key economic data and central bank decisions later

Taiwanese manufacturer Wistron, which sold its Karnataka iPhone facility to Tata Electronics in 2023, is now planning an electronics production unit in Telangana with a proposed investment of Rs 1,000

The minimum amount for application is ₹100 and in multiples of 100 during the NFO, making it easy and accessible for investors. (AI image) Bangalore: Zerodha Fund House has launched

Lenskart, an omnichannel eyewear retailer, has submitted a DRHP for its IPO, aiming to raise Rs 2,150 crore in fresh capital.The offering includes an OFS component of 132.2 million shares

Singapore Airlines said it’s upbeat about travel demand over the peak summer travel period, even as the carrier weathers a slump in profit due to losses at Air India. The

British American Tobacco trims ITC stake by 2.5% in Rs 12,941 crore deal to boost financial flexibility

Word Count: 721 | Estimated Reading Time: 4 minutes


British American Tobacco trims ITC stake by 2.5% in Rs 12,941 crore deal to boost financial flexibility

British American Tobacco Plc (BAT) on Wednesday divested a 2.5 per cent stake in Indian conglomerate ITC Ltd for Rs 12,941 crore through open market transactions, reducing its shareholding in the FMCG giant to 22.94 per cent from 25.44 per cent.According to bulk deal data available with the National Stock Exchange (NSE), BAT’s affiliate Tobacco Manufacturers (India) Ltd sold 31.30 crore equity shares of ITC at a price between Rs 413.12 and Rs 413.78 per share, PTI reported.Following the transaction, Tobacco Manufacturers (India) Ltd’s stake dropped to 17.81 per cent from 20.31 per cent. Overall, BAT holds a combined 22.94 per cent in ITC through its affiliates — Tobacco Manufacturers (India) Ltd, Rothmans International Enterprises, and Myddleton Investment Company — as of the end of the March quarter.The identity of the institutional buyers in the deal could not be immediately ascertained from NSE data. ITC shares closed 1.19 per cent lower at Rs 421 apiece on the NSE.In a filing to the London Stock Exchange, BAT confirmed it had completed the block trade of 31.30 crore ordinary shares of ITC through an accelerated book build process. The net proceeds from the trade amount to Rs 12,100 crore.BAT said the deal “will provide the group greater financial flexibility as it delivers on its commitment to invest behind transformation, deleverage and enhance shareholder returns.”The company added that the proceeds will help extend its share buyback programme announced in March 2024 by an additional £200 million, taking the total buyback for 2025 to £1.1 billion. This extension will begin after the completion of the tranche announced on April 29, 2025, and is expected to be concluded by December 31, 2025.BAT’s Chief Executive Tadeu Marroco said, “Whilst this transaction supports delivery on our commitments to BAT shareholders, we continue to view ITC as a core strategic component of our global footprint as we partner on business opportunities in India. I am confident that ITC, under the stewardship of its current management, will continue to create further value for its shareholders.”He further noted, “ITC is a valued associate of BAT in an attractive geography with long-term growth potential where BAT benefits from exposure to the world’s most populous market.”BAT first invested in ITC in the early 1900s and has since built a longstanding relationship with the company, which remains one of India’s top FMCG firms. In March 2024, BAT had offloaded a 3.5 per cent stake in ITC for Rs 17,485 crore.





Source link

Sign In

Welcome ! Log into Your Account