Shardul Amarchand Mangaldas (SAM), Herbert Smith Freehills Kramer (HSF Kramer), Cains along with AZB & Partners advised on British American Tobacco’s (BAT) $429 million sale of shares in ITC Hotels Limited.

Shardul Amarchand Mangaldas (SAM) advised British American Tobacco p.l.c. (BAT) on the divestment of part of its stake in ITC Hotels Limited for an aggregate consideration of approximately USD 429 million. This involved providing strategic advice on corporate, foreign exchange control and securities law aspects, including the block trade mechanism and insider trading regulations.

This transaction follows the recent demerger and listing of ITC’s hotels business that the Firm had previously advised BAT on.

The transaction team was led by Partner Mithun V. Thanks, along with Partner Manjari Tyagi, Principal Associates Deepika Goyal, & Shraddha Suryavanshi, Senior Associate Doorva Tripathi, and Associate Kashvi Vachhani.

Herbert Smith Freehills Kramer has advised British American Tobacco plc (BAT) on its approximately £315 million sale of shares in ITC Hotels Limited (ITC Hotels).

The Herbert Smith Freehills Kramer team was led by Corporate Partner Sarah Ries-Coward and included Senior Associate Meera Thakrar and Associate Bilal Ahmadzai, alongside Corporate Partner Alex Kay, US Securities Partner Tom O’Neill and US Securities Associate Jen Yong.

Cains advised BAT on the Isle of Man law aspects of the transaction.

AZB & Partners advised Citigroup Global Markets India Private Limited (the Broker) in relation to the sale of equity shares by Tobacco Manufacturers (India) Limited, Rothmans International Enterprises Limited and Myddleton Investment Company Limited for an amount aggregating to approx. INR 38.56 billion. The sale took place on the floor of the stock exchanges via the screen-based trading platform.

The AZB team advising the Broker comprised Senior Partners Varoon Chandra and Lionel D’Almeida, Partner Rahul Aggarwal and Associate Tanaiy Tewari.