British American Tobacco (BAT) has divested a 2.5% stake in ITC, the Indian consumer goods giant, for $1.5 billion, exceeding initial plans. The shares were sold at 413 Indian rupees each, a 4.8% discount. Despite the sale, BAT remains ITC’s largest shareholder. The deal, led by Goldman Sachs and Citigroup, follows a similar major transaction by IndiGo’s co-founder.