British American Tobacco falls as Reinet sells 43.3m shares in placing.
British American Tobacco fell on Tuesday after Reinet Investments said that its indirect subsidiary, Reinet Jersey Holdings, had sold just over 43.3m shares in the company in a placing.
Source: Sharecast
The shares were sold to institutional investors at 2,820p each, raising gross proceeds of about £1.2bn.
The placing was completed through an aftermarket accelerated bookbuild process, which began on Monday.
JP Morgan acted as sole global coordinator and bookrunner in connection with the placing.
Following settlement and completion of the placing, which is expected to take place on Thursday, Reinet and its subsidiaries will have fully exited their position in BAT.
At 0915 GMT, the shares were down 1.7% at 2,884.30p.
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