British American Tobacco p.l.c. will sell its stake in the newly listed ITC Hotels Ltd. and use the proceeds to maintain its leverage between 2.0% and 2.5% by 2026, Chief Executive Tadeu Marroco said Thursday. British American Tobacco has a direct 15.3% stake in ITC Hotels, making it the largest public shareholder and second-largest amongst all shareholders in the ITC group company. British American Tobacco also has lion's share of 25.5% stake in ITC Ltd. – the promoter company of ITC Hotels.
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