ITC shares witnessed a decline of nearly 3% in early trade on March 12, following reports that British American Tobacco (BAT) is gearing up to offload a portion of its stake, possibly as early as this week.
According to sources familiar with the matter, the London-based BAT, the largest shareholder of ITC, has enlisted the services of Wall Street giants such as Bank of America and Citigroup to divest shares worth approximately $2.5 billion through the block deal route. It’s worth noting that these transactions typically occur at a discount to the prevailing market price.
As of 10:11 am, ITC shares were trading 1.72% lower at ₹402.35.
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ITC