BAT to sell ITC shares in block trade

British American Tobacco (BTI) announced today its subsidiary, Tobacco Manufacturers (India) Limited, plans to sell approximately 2.3% of its stake in ITC Limited through an accelerated bookbuild offering to institutional investors. The move is intended to increase BAT's financial flexibility as it focuses on transformation, deleveraging, and delivering shareholder returns. Proceeds from the sale will be used to progress to within the target 2-2.5x adjusted net debt/adjusted EBITDA leverage corridor by the end of 2026 and enable a planned GBP200 million increase to the existing share buyback program, bringing it to a total of GBP1.1 billion in 2025. Following the transaction, BAT will retain a significant stake in ITC, holding approximately 23.1%.