British American Tobacco Plc. will offload shares worth nearly Rs 3,000 crore in ITC Hotels Ltd. via large deals on Friday. The company will sell shares at a floor price of Rs 205.65 in the secondary market, according to a termsheet.
BAT affiliates Tobacco Manufacturers (India) Ltd., Myddleton Investment Co. and Rothmans International Enterprises Ltd., intend to sell between 7% and 15.3% of the share capital in ITC Hotels to investors by way of an accelerated bookbuild process, the company said in a regulatory filing.
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The final number of shares sold will be determined to optimise the overall pricing outcome to the Group, the filing said.
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The UK company's direct shareholding of 15.3% in ITC Hotels was a result of the demerger process that was completed by ITC Ltd. earlier this year. The current market value of its equity holding is Rs 6,600 crore.
A direct stake in ITC Hotels is not a strategic holding for BAT, said CEO Tadeu Marroco, adding that the proceeds from this transaction will further support continued progress towards their stated 2026 deleveraging plan.
British American Tobacco held a 22.9% stake in ITC as of September. ITC owns 39.85% in ITC Hotels.
Shares of ITC Hotels settled flat at Rs 207.75 apiece on the BSE, ahead of the announcement, compared to a 0.2% advance in the benchmark Sensex. The stock has risen 21% since listing in January.
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