It depend on which buyback route the company management prefer. If it is from open market, then BAT may not find useful after it timmed its stake to 25%. However, if it is tender route in which all shareholder get right to sale share to company prorata (subject to small shareholder reservations), BAT shall not mind as despite reduction in share capital, BAT stake would remain in tact in my view.
Disclosure: Among my top three holdings, my view may be positively biased. Not a SEBI registered advisor. Not sugggesting any investment action. No tade in last 12 months.
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