Appleby has advised London-listed British American Tobacco Plc (BAT) on its block trade of 436,851,457 ordinary shares, representing approximately 3.5% of the issued share capital, of ITC Limited to institutional investors by way of an accelerated bookbuild process. The block trade was conducted by Tobacco Manufacturers (India) Limited (TMI), a wholly-owned subsidiary of BAT incorporated in the Isle of Man.
The net proceeds from the block trade, which amount to approximately £1.5 billion at current exchange rates, will be used to buy back BAT shares.
Appleby advised BAT on corporate governance aspects and on the capacity and authority of TMI to undertake the block trade. The Appleby team was led by Isle of Man based corporate partner Garry Manley and assisted by senior associate Sophie Corkish. Appleby worked with Herbert Smith Freehills LLP who acted as English counsel to BAT.
