British American Tobacco, a FTSE 100 cigarette maker that owns the Kent, Dunhill and Lucky Strike brands, said on Wednesday it had completed the sale of 313 million shares in Indian consumer goods company ITC under an accelerated bookbuilding process.
On Tuesday, the company said it plans to sell 2.3% of its stake in ITC.
BAT, which previously owned 25.4% of ITC, reiterated that it was using the money raised to expand its buyback program by a further £200m. This will bring the total amount to be bought back this year to £1.1bn.
The company plans to begin the final portion of the share buyback on Thursday and expects to complete it by the end of this year.
Source: Reuters
