Mumbai, May 29 -- British American Tobacco (BAT) offloaded a $1.5 billion (approximately Rs.12,926 crore) stake in ITC Ltd on Wednesday through a block deal, slightly more than what it originally planned, according to a term sheet reviewed by Mint. On Tuesday, BAT had announced plans to sell a 2.3% stake in ITC by offloading 290 million shares, valued at about $1.36 billion. However, the final transaction size increased to 313 million shares, or roughly 2.5% of ITC's total equity, with the offer priced at Rs.413 per share-reflecting a 4.8% discount to ITC's Tuesday close of Rs.433.90 on the National Stock Exchange (NSE). The company's board had declared a dividend of Rs.7.85 per share, and the stock went ex-dividend on Wednesday. ITC shares closed 1.19% down on the NSE Wednesday. The stock has declined by about 10.3% since the beginning of the year. Goldman Sachs India and Citigroup Global Markets India are managing the trade. Goldman Sachs declined to comment, while BAT, Citigroup, and ITC did not immediately respond to Mint's requests for comment. In a statement on Tuesday, BAT said the transaction would provide greater financial flexibility as it pursues its deleveraging targets and transformation agenda. It will remain ITC's largest shareholder post-sale, holding a 23.1% stake. "Proceeds will be used to progress to within the target 2-2.5x adjusted net debt/adjusted Ebitda leverage corridor (adjusted for Canada) by the end of 2026 and to continue our sustainable buyback programme by enabling an intended £200 million increase in the share buyback to a total of £1.1 billion in 2025," BAT said. "Whilst this transaction supports delivery on our commitments to BAT shareholders, we continue to view ITC as a core strategic component of our global footprint as we partner on business opportunities in India," BAT's chief executive Tadeu Marroco said in the statement. Earlier this month, ITC reported a net profit of Rs.19,561.57 crore for the March quarter (Q4 FY25), marking a 247% year-on-year jump from Rs.5,638 crore in the same period last year. The surge was driven by a one-time exceptional gain of Rs.15,163.06 crore from the demerger and listing of its hotels business....