British American Tobacco Plans $2.1 Billion ITC Stock Sale and Buyback

British American Tobacco plans to sell up to $2.1 billion of shares in Indian partner ITC Ltd. to return cash to shareholders and invest in its business. The company will use the cash raised to buy back £700 million of its own shares and continue to use operating cash flow to lower debt and fund business investments. BAT's move comes after pressure to return more cash to shareholders and a significant write down on the value of its US cigarette brands.