The move aligns with BAT’s earlier stance that it does not intend to be a long-term shareholder in ITC Hotels. The company currently holds a 14.55% stake in the recently demerged entity.
The demerger of ITC Hotels from ITC Limited took effect on January 1, 2025, with January 6 set as the record date. Post-demerger, ITC retained a 40% stake in ITC Hotels.
Sources said BAT intends to use proceeds from the stake sale to deleverage its balance sheet. The company had made a similar move in May, offloading a 2.5% stake in ITC Limited for approximately $1.4 billion, at Rs 413 per share.
BAT CEO Tadeu Marroco had previously confirmed the company’s lack of interest in holding onto its ITC Hotels stake, reinforcing expectations of a gradual exit.
Also Read: These 11 Nifty microcap stocks can rally 55-210% in the next 12 monthsITC Hotels reported a 19% year-on-year rise in consolidated net profit to Rs 257.85 crore for Q4 FY25, compared to Rs 216 crore a year earlier. Revenue from operations rose to Rs 1,060.62 crore from Rs 1,015.4 crore in the same period.For the full financial year 2024-25, the company posted a consolidated net profit of Rs 637.64 crore and revenue of Rs 3,559.81 crore.
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On Friday (June 13), ITC Hotels shares declined 1.7% to close at Rs 213.9 on the BSE.
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