ITC Hotels: BAT sells ₹38.56B shares; HCL Capital, Nippon MF acquire

• A block deal involving 18.75 crore shares (9% equity) of ITC Hotels, valued at ₹3,856 crore, occurred on December 5.
• British American Tobacco (BAT) was the likely seller, divesting part of its 15.3% stake in ITC Hotels.
• HCL Capital acquired a 7% stake for ₹2,998 crore, while Nippon India Mutual Fund bought 1.2% for ₹530 crore.
• BAT stated the sale of its non-strategic holding will help reduce its net debt.
• ITC Hotels demerged from ITC Ltd. earlier this year, with BAT's stake originating from its previous holding in ITC.

Why It Matters: BAT's sale of ITC Hotels shares reshapes ownership and funds BAT's debt reduction.