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The company's board has also approved the formation of ITC Hotels Ltd, a wholly-owned subsidiary that would manage the company's hotels.
Presently, a total of 38 mutual funds have investments in ITC, collectively holding shares valued at ₹62,063 Crore
BAT CEO Tadeu Marroco stated that he is not aiming to dilute any more interest since BAT wants to maintain an impact on the ITC board.
Sources indicated that Capital International or GIC Singapore might acquire a stake in ITC, with domestic funds such as ICICI Prudential MF and Aditya Birla Mutual Fund also expressing significant interest in the block deal. Other long-only funds and certain insurance funds have also shown interest, according to sources.
The block trade sale of ITC shares will reduce the single-largest shareholder's position to roughly 25.5%.
These transactions are frequently carried out below the going rate in the market. The transaction's specifics could yet alter, according to Bloomberg, and depending on the state of the market, the offering's launch could extend into next week.
It was originally reported in December that Prataap Snacks promoters were in talks to sell a majority stake.
At the end of December, BAT's total stake in ITC was valued at ₹1.47 Lakh Crore, based on ITC's market capitalization of ₹5.08 Lakh Crore
During a conference call with investors, the statement refutes rumours of a significant share sale.
ITC closed at ₹414.45 on the NSE at 3:31 pm, down 4.02%
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