Investing.com -- British American Tobacco (NYSE: BTI ) Plc has revealed plans to sell a stake in Indian tobacco manufacturer ITC (NSE: ITC ) Ltd, a move valued at a minimum of $1.36 billion, according to Bloomberg.
The multinational tobacco company is offering up to 290 million shares at a base price of 400 rupees ($4.69) per share, according to the terms seem by Bloomberg. The shares being offered represent up to 2.3% of ITC’s total outstanding shares. This sale is a significant move by British American Tobacco Plc as it navigates its business strategies in the global market.
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