British American Tobacco to Sell Stake in ITC Hotels to Reduce Debt

British American Tobacco (BAT) plans to sell its stake in Indian hospitality company ITC Hotels to reduce debt. The company plans to sell 7% to 15.3% of the issued shares through a block trade, potentially selling its entire 15.3% stake. BAT aims to reduce debt by demerging from non-strategic holdings and funding innovation in alternative nicotine products. The move follows BAT's sale of part of its ITC stake for $2 billion last year.