Business
Proposed Block Trade of ITC Hotels Shares
British American Tobacco p.l.c. announced its intention to sell between 7% and approximately 15.3% of its issued ordinary share capital in ITC Hotels Limited through an accelerated bookbuild process. The proceeds from this block trade will be used to progress towards the Group's target leverage corridor of 2-2.5x adjusted net debt/adjusted EBITDA by the end of 2026. This direct shareholding in ITC Hotels, which has been trading as a publicly listed entity since January 2025, is not considered a strategic holding for BAT. Disclaimer*
About this update from British American Tobacco P.l.c.
[{"type":"text","content":"\n\n \n \nBritish American Tobacco p.l.c.\n \n4 December 2025\n \nProposed Block Trade of ITC Hotels Shares\n \nBritish American Tobacco p.l.c. (\"BAT\" or the \"Group\") announces that its wholly-owned subsidiaries, Tobacco Manufacturers (India) Limited, Myddleton Investment Company Limited and Rothmans International Enterprises Limited, intend to sell between 7 per cent and c.15.3 per cent of the issued ordinary share capital in ITC Hotels Limited (\"ITC Hotels\") (the \"Block Trade Shares\") to investors by way of an accelerated bookbuild process (the \"Block Trade\"), subject to customary closing conditions. The final number of shares sold will be determined to optimise the overall pricing outcome to the Group.\nThe 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.\nEstablished in 1975, the business of ITC Hotels has grown to encompass over 140 hotels across 90+ destinations in the Indian subcontinent. Following a demerger from ITC Limited (\"ITC\"), ITC Hotels has been trading as a publicly listed entity since January 2025. As a result of its shareholding in ITC at the time of the demerger, BAT holds a c.15.3 per cent shareholding in ITC Hotels.\n \nTadeu Marroco, Chief Executive of BAT said: \"Our direct shareholding in ITC Hotels was a result of the demerger process that was completed by ITC earlier this year. As previously stated, a direct stake in ITC Hotels is not a strategic holding for BAT, therefore, I am pleased that the proceeds from this transaction will further support continued progress towards our stated 2026 leverage corridor.\"\nFurther details of the number of Block Trade Shares sold and the value of net proceeds received will be shared once the transaction has completed.\n \nENDS\nEnquiries\nMedia Centre\[email protected] | @BATplc\n \nInvestor Relations\nVictoria Buxton | [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.\nAbout BAT\n \nB...