Investing.com -- British American Tobacco (NYSE: BTI ) (BAT (LON: BATS )) on Wednesday announced the sale of a 2.5% stake in Indian conglomerate ITC (NSE: ITC ) for a sum of 1.05 billion pounds ($1.42 billion), which is more than the company initially planned.
This sale was completed on Wednesday and involved 313 million shares of ITC being sold through an accelerated book-build process.
Prior to this sale, BAT held a 25.4% share in ITC.
The company has stated that the funds generated from this sale will be used to expand its share buyback program by an additional 200 million pounds.
BAT has also revealed plans to commence the latest phase of share buybacks on Thursday.
The company anticipates completing this phase by the end of the current year.
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