Overview
- BAT is offering between 7% and its entire 15.3% holding in ITC Hotels through an accelerated bookbuild at a floor price of Rs 205.65 per share.
- The transaction is marketed at roughly Rs 3,000 crore, with the final size to be set to optimize pricing.
- Shares will be sold by BAT affiliates Tobacco Manufacturers (India) Ltd., Myddleton Investment Co. and Rothmans International Enterprises Ltd.
- BAT labels the holding non-strategic, noting the stake arose from ITC Ltd’s demerger earlier this year after a separate sale of ITC Ltd shares in May.
- ITC Hotels last traded near Rs 207.7, the stock is up about 21% since listing in January, and promoter ITC Ltd retains a 39.85% stake.