British American Tobacco (BAT) carried out a block deal on the morning of March 13, selling a 3.5 percent stake in ITC for Rs 17,491 crore.As the largest shareholder in ITC, BAT sold approximately 43.7 crore shares at an average price of Rs 400 per share, which represented a minor 0.01 percent discount compared to the previous day’s closing price of Rs 404.45. ITC shares were trading at Rs 429.9 each on the NSE, marking a 6.3 percent increase.The British tobacco company intended to sell up to 43.69 crore ITC shares through accelerated book building at a price range of Rs 384 to Rs 400.25 per share.
However, it’s crucial to disregard this trade if prices open with a gap up or down before executing the trade