BAT completes ITC shares block trade for INR 121bn

British American Tobacco (BAT) has successfully completed the block trade of 313,000,000 ordinary shares in ITC Limited to institutional investors. The transaction, executed through an accelerated bookbuild process, represents approximately 2.5% of ITC's issued ordinary share capital. The block trade generated net proceeds of INR 121 billion (approximately £1.05 billion at current exchange rates). BAT will use the funds to support its transformation initiatives, reduce debt, and enhance returns to shareholders. In addition, BAT is expanding its existing share buyback program by £200 million, bringing the total buyback amount for 2025 to £1.1 billion. The extended buyback will commence after the completion of the latest tranche of the current program announced on April 29, 2025, and is expected to conclude by December 31, 2025.