No plan for divesting SUTTI stake in ITC: DIPAM Secretary

Divesting SUTTI stake in ITC: re is no immediate plan for government to divest its 7.82 per cent stake in ITC through Specified Undertaking of Unit Trust of India (SUUTI), Department of Investment and Public Asset Management (DIPAM) Secretary, Tuhin Kanta Pandey told CNBC TV18 on Wednesday.

As of December 31, 2023, SUUTI maintains a significant holding in diversified conglomerate. clarification comes in wake of British American Tobacco Plc's (BAT) announcement of its intention to sell up to 3.5 per cent of its stake in ITC through a block tre, reducing its holding from 29 per cent to 25.5 per cent.

proposed block tre, valued at around Rs 17,659.72 crore based on Tuesday's closing price, will involve selling approximately 43,68,51,457 ordinary shares to institutional investors.

ITC shares surged by 4.80 per cent on Wednesday to Rs 423.65 apiece.