BAT - Business Outrank

British American Tobacco (BAT) reduced its stake to 22.9% at ITC thus ending its veto power. The company generated ₹12,100 crore through a block deal when it sold 313 million ITC shares to achieve this key move. BAT's shareholding percentage dropped below 25% after the sale which previously granted the UK-based company veto power over special resolutions and boardroom decision-making authority. BAT exercised its veto power in 2018 to stop an employee stock option plan even though institutional shareholders strongly supported it. The company made another stake reduction in 2024 through its share buyback strategy when it sold 3.5% of its shares. The industry views this change as a departure from BAT's previous strategy to acquire majority control of ITC which existed during the 1990s. BAT CEO Tadeu Marroco maintained that maintaining at least 25% ownership was essential for strategy but India's FDI regulations might have forced the company to sell its shares. The move indicates ITC will now operate independently while pursuing its growth objectives without interference.

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