No plan for divesting SUTTI stake in ITC: DIPAM Secretary

Divesting SUTTI stake in ITC: There is no immediate plan for the government to divest its 7.82 per cent stake in ITC through the Specified Undertaking of Unit Trust of India (SUUTI), the 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 the diversified conglomerate. The clarification comes in the 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 trade, reducing its holding from 29 per cent to 25.5 per cent.

The proposed block trade, 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.