business

ITC shares clock best gains in almost 4 years as BAT sells 3.5% stake; Is this a buying opportunity?

British American Tobacco (BAT) has sold a 3.5% stake in ITC in a Rs 17,491-crore block deal. BAT, the largest ITC shareholder, sold around 43.7 crore shares, at an average price of Rs 400, which was at a 0.01 percent discount to the previous session’s closing price of Rs 404.45. The share sale has cut the holding of BAT to about 25.5 percent from about 29 percent. BAT will have to wait for 180 days before paring its stake further. Is this an opportunity to buy ITC and what's the outlook on the stock going forward? Catch this conversation between Moneycontrol's Nandita Khemka and Kaustubh Pawaskar, Deputy VP - Fundamental Research, Sharekhan by BNP Paribas to know more.

first published: Mar 13, 2024 12:14 pm