The seller group, through its wholly-owned subsidiaries – Tobacco Manufacturers (India), along with Myddleton Investment Company Ltd and Rothmans International Enterprises – may offload up to 145.8 million shares, representing around 7% of the company’s total shares outstanding, the term sheet said.
A BAT statement on Thursday said it intended to sell between 7% and 15.3% in ITC Hotels. The British multinational holds a 15.3% stake in ITC Hotels.
Following a demerger from ITC Limited, ITC Hotels has been trading as a publicly listed entity from January 2025. As a result of its shareholding in ITC at the time of the demerger, BAT holds approximately 15.3% shareholding in ITC Hotels. The parent ITC holds 39.85% in ITC Hotels.
The shares may be sold at an offer floor price of ₹205.6 per share, a 1% discount to ITC Hotels’ Thursday closing price of ₹207.7 on NSE. The entire transaction is 100% secondary, with no fresh issue of shares. Citi Global Markets will be the banker to the deal.
