Shardul Amarchand Mangaldas & Co. advises British American Tobacco on strategic divestment of stake in ITC Hotels Limited

December 9, 2025

Shardul Amarchand Mangaldas & Co. (SAM) advised long-standing client, British American Tobacco p.l.c. (BAT), on the strategic divestment of part of its shareholding in ITC Hotels Limited (ITC Hotels) through a secondary transfer executed via an accelerated bookbuild process for an aggregate consideration of approximately USD 429 million.

This deal involves the offloading of a significant stake held by BAT in ITC Hotels, one of India’s largest hospitality players, following the demerger of the hotels business of ITC Limited (ITC) in early 2025, as well as BAT’s recent stake sales in ITC during 2024 and 2025, which were among the biggest on-market block deals in the country, on all of which BAT were advised by SAM.

The SAM transaction team was led by Mithun V. Thanks (Partner), along with Manjari Tyagi (Partner), Deepika Goyal (Principal Associate), Shraddha Suryavanshi (Principal Associate), Doorva Tripathi (Senior Associate) and Kashvi Vachhani (Associate).