Mumbai, May 28 -- 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 had 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 earlier declared a dividend of Rs.7.85 per share, and the stock went ex-dividend on Wedne...