India, Dec. 6 -- British multinational BAT Plc on Friday divested a 9 per cent stake in ITC Hotels to Abu Dhabi Investment Authority, Societe Generale and Morgan Stanley, among others, for '3,856 crore through open market transactions. In a statement, British American Tobacco (BAT) said, "The proceeds of the stake sale 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." After the transaction, the net proceeds from the block trade "amount to INR 38.2 bn (approximately £315 million at current exchange rates)". Also, BAT retains a 6.3 per cent holding in ITC Hotels, it added.
A total of 18.75 crore equity shares representing a 9 per cent stake...