BAT Upsizes Sale of Tobacco Maker ITC Shares to $1.5 Billion (3)

British American Tobacco Plc increased its offering of Indian tobacco manufacturer ITC Ltd.’s stock to about $1.5 billion, according to terms of the deal seen by Bloomberg News.

The owner of cigarette brands including Lucky Strike offloaded about 313 million shares in ITC, equivalent to around 2.5% of those outstanding, the terms showed. They were priced at 413 rupees ($4.82) each, a 4.8% discount to Tuesday’s close.

BAT was previously looking to sell as much as 2.3% of ITC’s shares at a floor price of 400 rupees each. BAT and its affiliates are subject to a six-month lockup.

ITC’s ...