Dec 4 (Reuters) – British American Tobacco is looking to offload its stake in India’s ITC Hotels, it said on Thursday, through an accelerated bookbuild process.
The tobacco group plans to sell between 7% and its entire 15.3% stake in ITC Hotels, with proceeds from the block trade earmarked for deleveraging its balance sheet.
In May, BAT sld a $1.5 billion stake in ITC Ltd, the parent company from which ITC Hotels was spun off as a separate listed entity in January.
“As previously stated, a direct stake in ITC Hotels is not a strategic holding for BAT,” CEO Tadeu Marroco said, adding that its direct shareholding in ITC Hotels was a result of the demerger process earlier this year.
