Shares of ITC Limited (NSEI:ITC) extended the day?s losses to decline 4% in trade on 08 February 2024 after long-time investor British American Tobacco p.l.c. (LSE:BATS) indicated selling a partial stake to monetise shareholding and boost its balance sheet. We recognise that we have a significant shareholding which offers us the opportunity to release and reallocate some capital, BAT said in a statement. ?We have been actively working for some time on completing the regulatory process required to give us the flexibility to monetise some of our shareholding and will update at the earliest opportunity,? it added. Shares of ITC were trading 3.96% down on the BSE at INR 414.80.
In December last year, BAT?s chief executive Tadeu Marroco had indicated the possibility of selling a partial stake in ITC, which has more than doubled in value in the last two years. ?We don't need to have more than 25%
shareholding in ITC to have a strategic influence, including veto rights," Marroco had then said.