British American Tobacco Signals ITC Stake Disposal, Shares Soar
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British American Tobacco (BAT) is actively working to sell some of its shareholding in India's ITC, a move that would allow it to pay down debt and resume share buybacks. BAT's CEO, Tadeu Marroco, stated that the company has been working on completing the regulatory processes required for the stake disposal. The announcement caused BAT's shares to rise by 7%. The company had previously disappointed investors by not initiating a buyback program last year. BAT currently holds a roughly 29% stake in ITC, an Indian consumer goods giant. The stake sale would help BAT reduce debt and move towards its leverage range for buybacks. BAT also reported a 5.2% rise in adjusted diluted earnings per share and forecasted low single-digit organic revenue growth in 2024.

#BritishAmericanTobacco #Itc #ShareDisposal #DebtReduction #ShareBuybacks

https://timesofindia.indiatimes.com/business/international-business/british-american-tobacco-signals-itc-stake-disposal-shares-soar/articleshow/107523391.cms