ITC’s share price traded more than 4% lower on Thursday as its largest shareholder BAT works to offload some of its stake in the cigarette-to-hotels conglomerate.
“We have been actively working for some time to complete the regulatory process required to give us the flexibility to monetize some of our equity holdings and will update you at the earliest opportunity,” BAT said in a statement.
BAT holds a 29.03% stake in ITC rated and has been a shareholder in ITC since the early 1900s.
“We recognize that we have a significant shareholding that offers us the opportunity to free up and reallocate some capital. Our shareholding in ITC has been around in one form or another since the early 1900s and is subject to many share capital changes and regulatory restrictions,” said BAT.
We continue to look for all opportunities to improve balance sheet flexibility and, as part of this, we regularly review our interest in ITC, it added.
At 1:40 pm, ITC shares were trading 4.16% lower at ₹413.95 each on the BSE.
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Published: 08 Feb 2024, 13:44 IST