British American Tobacco to sell $1.36b stake in Indian tobacco maker ITC

British American Tobacco Plc plans to sell a stake in Indian tobacco manufacturer ITC Ltd worth at least $1.36 billion.

The tobacco conglomerate offers as many as 290 million shares at a floor price of 400 rupees ($4.69) per share, according to terms seen by Bloomberg. The stake being offered accounts for as much as 2.3% of ITC’s outstanding shares.

BAT is ITC’s largest shareholder, owning about a quarter of the company, according to data compiled by Bloomberg.