British American Tobacco $BATS (-0,3%) has completed another billion-dollar sale of shares in Indian consumer goods giant ITC, selling a total of 313 million shares at a price of 413 Indian rupees each, Reuters reports.
This corresponds to a discount of 4.8 percent on Tuesday's closing price and proceeds of around 1.5 billion US dollars.
Despite the partial sale, BAT remains the largest shareholder in ITC, according to LSEG. The transaction was accompanied by Goldman Sachs and Citigroup.
Parallel to the sale of shares, BAT announced an increase in its current share buyback program by 200 million pounds to 1.1 billion pounds (1.49 billion US dollars).
According to the company, the transaction will have no impact on the outlook for the current financial year.