SUUTI sells 2% stake in ITC; shares hit 52-week high

The 2% stake sale in ITC will fetch the government approximately Rs 6,700 crore

Cabinet gives in-principle nod to biggest divestment drive

Premium

SI Reporter New Delhi

Last Updated : Feb 07 2017 | 10:57 AM IST

ITC rallied as much as 5.6% to hit its 52-week high on BSE after the Specified Undertaking of the Unit Trust of India (SUUTI) sold 2% stake in the company via block deals.

The 2% stake sale in ITC will fetch the government approximately Rs 6,700 crore, making the divestment target of Rs 45,500 crore more achievable. For FY17, the total divestment made via minority stake sale and strategic stake sale stands close to Rs 37,700 crore.

At 10:17am, ITC pared some gains but was still trading at 1% higher at Rs 280. It touched the high and

What you get on BS Premium?

Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
Pick your 5 favourite companies, get a daily email with all news updates on them.
Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
Preferential invites to Business Standard events.
Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.

VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in