BAT to Start Buyback After Selling Up to $2.1 Billion of ITC
- Maker of Lucky Strike said buyback program to end Dec 2025
- BAT has owned a stake in India’s ITC for more than 100 years
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British American Tobacco Plc, the maker of Lucky Strike cigarettes, plans to sell as much as $2.1 billion of shares in Indian partner ITC Ltd. in a move that will help it return cash to shareholders and invest in its business.
London-listed BAT is offering 436.9 million shares at 384 rupees to 400.25 rupees each in a block trade, according to terms seen by Bloomberg. That’s a discount of as much as 5% from Tuesday’s closing price for ITC.