Mithun V. Thanks
Shardul Amarchand Mangaldas & Co (SAM) advised British American Tobacco (BAT) on the strategic divestment of a partial stake in ITC Hotels via an accelerated bookbuild for USD429 million.
Partner Mithun Thanks led the SAM team, with support from partner Manjari Tyagi, principal associates Deepika Goyal and Shraddha Suryavanshi, senior associate Doorva Tripathi, and associate Kashvi Vachhani.
Three of BAT’s wholly owned subsidiaries – Tobacco Manufacturers India (TMI), Middleton Investment and Rothmans International Enterprises – will sell between 7% and 15.3% of their issued ordinary share capital in ITC Hotels to investors via the bookbuild, also known as a block trade.
Herbert Smith Freehills Kramer advised BAT on governance and corporate procedural matters related to UK law. Cains Advocates, Isle of Man, acted as local law support for TMI on the divestment.
AZB & Partners advised Citigroup Global Markets India on the block trade agreement, while Ashurst acted on certain overseas aspects of the transaction.
The deal marks the sale of a significant portion of BAT’s holding in ITC Hotels, one of India’s largest hospitality businesses, following the demerger of ITC’s hotels division in early 2025.
It follows BAT’s earlier stake sales in ITC in 2024 and 2025, which were also among the largest on-market block trades in India. SAM advised BAT on all these transactions.
