British American Tobacco

Multinational company warns country's leadership against increasing taxes on tobacco

On a year-to-date basis, Citi has overseen ECM deals worth $4 billion, with a 14 per cent market share - ranking number one on the India ECM league table

The London-listed company said it will purchase £700 million of its shares in 2024 and £900 million by the end of 2025

British multinational BAT Plc on Wednesday divested a 3.5 per cent stake in FMCG-to-hotel conglomerate ITC Ltd for Rs 17,485 crore through open market transactions. British American Tobacco Plc (BAT), through its affiliate Tobacco Manufacturers (India) Ltd, offloaded more than 43.68 crore equity shares of ITC, amounting to 3.5 per cent stake, according to the block deal data available with the BSE. The shares were sold in 48 tranches, with an average price of Rs 400.25 apiece, taking the transaction value to Rs 17,484.97 crore.

ITC's stock reported its sharpest intra-day rally since April 3, 2020 when it had surged nearly 10 per cent

British firm will use the proceeds of block trades to buy back own shares

The sale of 437 million ordinary shares in ITC through a block trade, will cut the Dunhill cigarette maker's shareholding to about 25.5% from about 29%

London-listed BAT has been speaking with Bank of America Corp. and Citigroup Inc. about a potential divestment of around $2 billion to $3 billion in ITC stock through block trades, the people said

The foreign direct investment cap in ITC means that BAT cannot directly sell to another foreign entity

Jefferies downgraded the stock to 'hold' from 'buy' earlier with a target price of Rs 430, down a huge 17.3 per cent from its earlier price target of Rs 520.

We want to keep a level of influence in ITC, says BAT chief

BAT's move comes as ever-stricter regulation and growing awareness of health risks squeeze tobacco companies' traditional business, driving declines in cigarette volumes in some markets

Working with Indian cigarette maker for new nicotine product would be 'massive opportunity', says BAT CEO

In 2018, the British company turned down ITC's proposal to continue with an equity-based employee stock option.

Fears a 2018-like episode when the foreign shareholder blocked proposal to issue Esops

BAT is unable to increase its stake in ITC as a result of restrictions on non-Indian companies purchasing further shares in Indian tobacco companies

It would bring together BAT brands Dunhill, Kent and Lucky Strike cigarettes with Reynolds American's Camel and Newport