Further to our announcement on 27 May 2025, British American Tobacco p.l.c. ('BAT or the 'Group') has completed the block trade of 313,000,000 ordinary shares (the 'Block Trade Shares') in ITC Limited ('ITC') to institutional investors by way of an accelerated bookbuild process (the 'Block Trade'). The Block Trade Shares represent c.2.5 per cent of ITC' issued ordinary share capital.
Net proceeds from the Block Trade amount to INR 121bn (approximately GBP1.05bn at current exchange rates).
As indicated in our announcement made on 27 May 2025, the transaction will provide BAT greater financial flexibility as it delivers on its commitment to invest behind transformation, deleverage and enhance shareholder returns.
The net proceeds from the Block Trade will also be utilised to extend the Group's existing share buyback programme announced on 18 March 2024 (the 'Programme') by an additional GBP200 million, taking the total amount to be repurchased in 2025 to GBP1.1 billion.
The extension will begin following completion of the latest tranche of the Programme announced on 29 April 2025 and is expected to complete no later than 31 December 2025.
Enquiries
Media Centre
+44 (0) 20 7845 2888 (24 hours) | press_office@bat.com | @BATplc
Investor Relations
Victoria Buxton: +44 (0)20 7845 2012 | IR_team@bat.com
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