Indian government to sell ITC shares

The Indian government has decided to sell its 11.3 per cent share in ITC, according to a story in the latest issue of the BBM Bommidala Group newsletter.

The government is also selling its shares in Axis Bank (23.58 per cent) and L&T (8.27 per cent).

British American Tobacco, which has about a 30 per cent stake in ITC, reportedly said it was unlikely that it would increase its holding in ITC when the government shares were offered.

“We don’t have any plans to purchase more shares in ITC at this time,” a BAT spokesman was quoted as saying.