British American Tobacco p.l.c. (LSE:BATS) announces a share repurchase program. Under the program, the company will repurchase up to £1,600 million worth of its ordinary shares. The purpose of the program is to reduce the issued share capital of the company.

The purchased shares will be cancelled. The buyback will be financed from proceeds from sale of 436,851,457 ordinary shares in ITC Limited. The program will be valid till December 31, 2025.