Business
Completion of Block Trade of ITC Hotels Shares
British American Tobacco PLC has completed a block trade of 187,500,000 ordinary shares in ITC Hotels, representing 9% of its issued share capital, for net proceeds of INR 38.2 billion (approximately £315 million). These proceeds will be used to reduce adjusted net debt/adjusted EBITDA leverage to the target range of 2-2.5x by the end of 2026. Following this transaction, BAT retains a 6.3% stake in ITC Hotels. Disclaimer*
About this update from British American Tobacco P.l.c.
[{"type":"text","content":"\n\n \n5 December 2025\n \nBritish American Tobacco p.l.c.\n \nCompletion of Block Trade of ITC Hotels Shares\n \nFurther to our announcement on 4 December 2025, British American Tobacco p.l.c. (\"BAT\" or the \"Group\") has completed the block trade of 187,500,000 ordinary shares (the \"Block Trade Shares\") in ITC Hotels Limited (\"ITC Hotels\") to investors by way of an accelerated bookbuild process (the \"Block Trade\"). The Block Trade Shares represent 9 per cent of ITC Hotels' issued ordinary share capital.\n \nNet proceeds from the Block Trade amount to INR 38.2 bn (approximately £315 mn at current exchange rates). As indicated in our announcement made on 4 December 2025, the 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.\nFollowing completion of the Block Trade, BAT retains a c. 6.3 per cent holding in ITC Hotels.\n \nENDS\nEnquiries\nMedia Centre\n+44 (0) 20 7845 2888 (24 hours) | [email protected] | @BATplc\n \nInvestor Relations\nVictoria Buxton: +44 (0) 20 7845 2012 | [email protected]\n \nFurther information\n \nThe securities referred to herein will not be, and have not been, registered under the United States Securities Act of 1933, as amended (the \"Securities Act\") and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.\n \nAbout BAT\n \nBAT is a leading global multi-category consumer goods business. Underpinned by world-leading science and research and development, our purpose is to create A Better Tomorrow™ by Building a Smokeless World.\n \nCentral to achieving this is the concept of Tobacco Harm Reduction (THR) - the switching of smokers, who would otherwise continue to smoke, from risky forms of combustible tobacco products like cigarettes, to lower risk profile smokeless tobacco and nicotine products. This is outlined further in Omni™, an evidence-based manifesto for change, which captures BAT's commitment and progress on THR.\n \nBAT employs more than 48,000 people and, in 2024, generated revenue of £25.9bn, with an adjusted profit from operations of £11.9bn.\n \nBAT's aim is to have 50 million adult consumers of its Smokeless p...