British American Tobacco said its subsidiaries will sell between 7% and 15.3% of their shares in ITC Hotels through an accelerated bookbuild, with the precise amount to be chosen to optimise pricing.

Founded in 1975, ITC Hotels now operates more than 140 hotels across over 90 destinations in the Indian subcontinent. BAT expects the proceeds from the sale to help it reach its target net debt/EBITDA leverage of 2–2.5x by the end of 2026.

BAT’s holding in ITC Hotels came from a recent demerger and, CEO Tadeu Marroco said, is not a strategic investment. Final details of the transaction will be released after the sale closes.

This article was adapted from an original report published on tobaccoreporter.com. All rights belong to the original publisher.