British American Tobacco announced that its subsidiaries plan to sell between 7% and 15.3% of their shares in ITC Hotels through an accelerated bookbuild. The exact number of shares will be set to optimize pricing. Established in 1975, the business of ITC Hotels has grown to encompass over 140 hotels across more than 90 destinations in the Indian subcontinent.
Proceeds from the sale will help BAT move toward its “target 2–2.5x net debt/EBITDA leverage” by the end of 2026. BAT’s stake in ITC Hotels arose from a recent demerger and is not considered a strategic holding, CEO Tadeu Marroco said. Final sale details will be disclosed after the transaction closes.
