European Investor
07 Dec 2025, 07:33
British American Tobacco has completed the sale of 187.5 million ordinary shares in ITC Hotels through an accelerated bookbuild, representing 9 percent of the company’s share capital. The block trade was executed following BAT’s announcement on 4 December 2025.
The transaction generated net proceeds of INR 38.2 billion, equivalent to approximately £315 million at current exchange rates. BAT stated that the funds will support progress toward its target leverage corridor of 2 to 2.5 times adjusted net debt to adjusted EBITDA (excluding Canada) by the end of 2026.
After the sale, BAT retains an ownership stake of roughly 6.3 percent in ITC Hotels.
The transaction generated net proceeds of INR 38.2 billion, equivalent to approximately £315 million at current exchange rates. BAT stated that the funds will support progress toward its target leverage corridor of 2 to 2.5 times adjusted net debt to adjusted EBITDA (excluding Canada) by the end of 2026.
After the sale, BAT retains an ownership stake of roughly 6.3 percent in ITC Hotels.
