British American Tobacco (BAT), the multinational company that makes and sells cigarettes, tobacco and other nicotine products, on Tuesday said it planned to sell up to 3.5 per cent in ITC by way of block deals on Wednesday.
The stake is equal to 436.9 million shares of the total 12.476 billion outstanding shares of the cigarettes-to-hotels major ITC. ITC's stock fell 1.26 per cent on Tuesday to close at ₹404 a share. The shares have lost 12.57 per cent of its value since January.
BAT has offered a 5 per cent discount to investors with the block deal price band ranging from 384 to 400.25 a share. The total deal size would range between 16,775 crore and 17,487 crore, according to terms of the transaction.
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7 flights get bomb threats in 24 hours
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HCLTech shares hit new high on solid Q2 results
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IndiGo gets Sebi nod to launch VC fund
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Don't mistake pullback in equities for bear market
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Sentiment positive for OMCs amid lower oil prices, marketing margins
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