British American Tobacco p.l.c. (LSE:BATS) said it will sell around 3.5% of its stake in ITC Limited (NSEI:ITC) to institutional investors in block deals on March 13, 2024. London-based BAT is ITC?s largest shareholder, owning slightly more than 29% in the largest domestic cigarette maker, and will remain so even after the transaction, with around 25.5%. According to the term sheet, the price range for the proposed sale of shares is INR 384-400.25 apiece, which translates to a discount of up to 5% at the lower end of the price band, going by ITC?s closing price on March 12, 2024 on the BSE.