British multinational BAT Plc has divested a 9 per cent stake in ITC Hotels, selling it to several significant investors including the Abu Dhabi Investment Authority, Societe Generale, and Morgan Stanley. This transaction, amounting to Rs 3,856 crore, was completed through open market deals.

BAT alleged that the funds from this share sale will be utilized to meet their target 2-2.5x adjusted net debt/EBITDA leverage corridor by the end of 2026. Post this significant sale, BAT still holds a 6.3 per cent stake in ITC Hotels.

The block trade included a total of 18.75 crore equity shares, sold at an average price of Rs 205.65 each, pulling in Rs 3,855.94 crore. Big names like Nippon India Mutual Fund and Vanguard Group were among the buyers.

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