Whalesbook
BAT Ne ITC Hotels Mein Bada Stake Becha
British American Tobacco, jo UK ki ek badi cigarette company hai, ne ITC Hotels mein apna 9% stake bech diya hai. Block trades ke zariye hue is transaction se company ko ₹3,800 crore se zyada mile hain, aur Indian hospitality major mein unka direct shareholding kam hokar 6.3% ho gaya hai.
Sale Ki Mukhya Details
- British American Tobacco ne accelerated bookbuild process poora kiya, jismein ITC Hotels ke 18.75 crore ordinary shares beche gaye.
- Is block trade se mili net rakam lagbhag ₹38.2 billion (around £315 million) hai.
- Yeh paisa British American Tobacco ko 2026 ke end tak 2-2.5x adjusted net debt to adjusted EBITDA leverage corridor ke apne target ko poora karne mein madad karega.
- Shares British American Tobacco ki poori malikana subsidiaries: Tobacco Manufacturers (India), Myddleton Investment Company, aur Rothmans International Enterprises dwara beche gaye the.
- HCL Capital Private Ltd aur Nippon India Mutual Fund bhi un entities mein shamil the jinhone yeh shares kharide.
- Sale ₹205.65 per share par hui, jo ITC Hotels ke pichhle din ke NSE closing price ₹207.72 se lagbhag 1% ka chhota discount represent karta hai.
Strategic Rationale Aur Background
- British American Tobacco ke Chief Executive Tadeu Marroco ne kaha ki ITC Hotels mein direct stake company ke liye strategic holding nahi hai.
- Unhone zor diya ki ye paisa company ko apne 2026 leverage corridor targets ki taraf badhne mein aur support karega.
- Hotel business ko is saal ke shuru mein diversified conglomerate ITC Ltd se demerge kiya gaya tha, jismein ITC Hotels Ltd ek alag entity ban gayi.
- ITC Hotels ke equity shares 29 January, 2025 ko NSE aur BSE par list hue the.
- ITC Ltd nayi entity ka lagbhag 40% stake rakhti hai, jabki uske shareholders direct roop se baki 60% stake ITC Ltd shareholding ke proportionate rakhte hain.
- British American Tobacco ne is saal February mein pehle hi ishara diya tha ki woh ITC Hotels mein apna stake 'best moment' par divest karna chahte hain kyunki unhe India mein hotel chain ke long-term shareholder banne mein koi interest nahi hai.
- British American Tobacco, ITC Ltd ke sabse bade shareholder bane hue hain, jinke paas 22.91% stake hai.
ITC Hotels Ka Business Portfolio
- ITC Hotels filhal 200 se zyada hotels ka portfolio manage karta hai, jismein 146 operational properties aur 61 development pipeline mein hain.
- Hospitality chain chhah alag brands ke tahat operate karti hai: ITC Hotels, Mementos, Welcomhotel, Storii, Fortune, aur WelcomHeritage.
Impact
- Yeh divestment British American Tobacco ko apna financial leverage kam karne aur apne core tobacco business par focus karne mein madad karta hai, aur saath hi ITC Hotels ke liye institutional investor base ko bhi badha sakta hai.
- Impact rating: 7/10
Mushkil Terms Samjhaye Gaye
- Block trades: Securities ke bade transactions jo do parties ke beech private taur par trade hote hain, aksar public exchanges ko bypass karte hue. Yeh ek baar mein badi quantity mein shares bechne ko aasan banata hai.
- Accelerated bookbuild process: Badi sankhya mein shares ko tezi se bechne ke liye istemal kiya jaane wala ek method, jo aksar institutional investors dwara istemal hota hai, jismein demand tezi se gather ki jaati hai final price set karne ke liye.
- Adjusted net debt/adjusted EBITDA leverage corridor: Ek financial metric jiska istemal company ke debt burden ko uske earnings before interest, taxes, depreciation, aur amortization se compare karne ke liye hota hai, jismein kuch adjustments kiye jaate hain. 'Corridor' is ratio ke liye ek target range ko represent karta hai.
- Demerger: Ek company ka do ya zyada alag entities mein separation. Is mamle mein, ITC ke hotel business ko ek nayi company, ITC Hotels Ltd, mein alag kiya gaya tha.
- Scrip: Stock ya share certificate ke liye ek common term; aksar company ke stock ya security ko informal taur par refer karne ke liye istemal hota hai.