Tuesday, July 1, 2025

Creating liberating content

NEW DELHI: India’s gross Goods and Services Tax (GST) collection

Prime Minister Narendra Modi will begin his five-nation tour from

Related News

Sitting for long hours is okay as long as exercise happens later. Long periods of sitting are an independent risk factor for heart disease, even in active individuals. Dr Nwabueze

NEW DELHI: India’s gross Goods and Services Tax (GST) collection for June stood at Rs 1.85 lakh crore, recording a 6.2% increase over the same month last year, according to

Prime Minister Narendra Modi will begin his five-nation tour from tomorrow. He will be visiting five countries in eight days, from July 2 to July 9, whereas his itinerary will

This is an AI-generated image, used for representational purposes only. In a move aimed at accelerating India’s innovation journey, the Union cabinet, chaired by Prime Minister Narendra Modi, approved the

Access Denied You don’t have permission to access ” on this server. Reference #18.c4f5d217.1751365153.eb70a1a Source link

Drink loads of water – hydration is key. Don’t crash diet – losing weight too fast can make hair fall out. Mix things up – don’t just eat one or

Trending News

NEW DELHI: India’s gross Goods and Services Tax (GST) collection for June stood at Rs 1.85 lakh crore, recording a 6.2% increase over the same month last year, according to

This is an AI-generated image, used for representational purposes only. In a move aimed at accelerating India’s innovation journey, the Union cabinet, chaired by Prime Minister Narendra Modi, approved the

Access Denied You don’t have permission to access ” on this server. Reference #18.c4f5d217.1751365153.eb70a1a Source link

Access Denied You don’t have permission to access ” on this server. Reference #18.4cfdd417.1751363149.7181133 Source link

The new RailOne app will host all passenger services in one app. Indian Railways launches new ‘RailOne’ app: With an aim to bring more convenience to passengers, Indian Railways has

Market participants are awaiting commentary from the US Federal Reserve Chairperson for directional guidance. (AI image) Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmark indices, opened in

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