The government has sold 2 percent of its stake held in ITC through the Specified Undertaking of the Unit Trust of India (SUUTI) via block deal to LIC. The government plans to collect around Rs 6,700 crore from the stake sale.
Through SUUTI, the government now holds 9.1 percent stake in ITC after the sale. With this surprise move, the government is now closer to achieving its FY17 revised divestment target of Rs 45,500 crore.
ITC has business a interests in cigarettes, hotels, paperboards and specialty papers, packaging, agri-business, packaged foods and confectionery, information technology, branded apparel, personal care, stationery, safety matches and other FMCG products.