---
endpoint: analytics
pattern: Consumer
status: done
latency_ms: 139748
conversation_id: 663f63ce-cee6-4c26-9104-3a4dad93ddab
citations: 3
created: 2026-05-31 18:24:45Z
---

# Who are the key shareholders of ITC?

# ITC Limited — Key Shareholders

ITC Limited (BSE: 500875, NSE: ITC) is one of India's largest diversified conglomerates with a uniquely fragmented ownership structure: **the company has NO promoter** — promoter shareholding is officially "Nil" — and control rests with a coalition of one strategic foreign holder (BAT) and domestic government-linked institutions [1].

## Shareholders Holding >5% of Ordinary Shares (as of 31-Mar-2025) [1]

| Rank | Shareholder | Shares Held | % Stake (FY25) | % Stake (FY24) |
|---|---|---|---|---|
| 1 | **Tobacco Manufacturers (India) Limited (TMI)** — BAT subsidiary | 2,541,495,863 | **20.31%** | 20.36% |
| 2 | **Life Insurance Corporation of India (LIC)** | 1,941,750,542 | **15.52%** | 15.19% |
| 3 | **Specified Undertaking of the Unit Trust of India (SUUTI)** | 974,531,427 | **7.79%** | 7.81% |
| | **Top 3 disclosed (>5%) combined** | | **~43.6%** | ~43.4% |
| | **Promoter shareholding** | | **Nil** | Nil |

## Detailed Breakdown of the Key Holders

### 1. British American Tobacco plc (BAT) — Single Largest Beneficial Owner (~29%)
- BAT's direct disclosed stake is held through **Tobacco Manufacturers (India) Limited (TMI)** — a wholly-owned UK subsidiary of BAT plc — which appears on ITC's register at **20.31%** [1].
- The relationship is confirmed in ITC's own related-party disclosures: *"The Company is an associate of Tobacco Manufacturers (India) Limited, which is a subsidiary of BAT PLC. By virtue of the same, BAT PLC and its subsidiaries are related parties of the Company."* [3]
- BAT also has board representation: Sunil Panray serves as a Non-Executive Director on the ITC Board *"as a representative of Tobacco Manufacturers (India) Limited ('TMI'), a subsidiary of British American Tobacco p.l.c. ('BAT')"* [2].
- Note: ITC's annual report only discloses the TMI line item (20.31%) under the >5% disclosure threshold. BAT's full economic interest is widely reported at ~29% when including its other holding vehicles (e.g., Myddleton Investment Company Limited, also a BAT-related entity that receives dividend payments from ITC alongside TMI) [1]. The TMI 20.31% is the only individually disclosed >5% holding tied to BAT in the FY25 annual report.

### 2. Life Insurance Corporation of India (LIC) — 15.52%
- India's state-owned life insurer is the second-largest shareholder, holding ~1.94 billion shares [1].
- Stake increased modestly YoY (from 15.19% in FY24 to 15.52% in FY25), suggesting continued accumulation [1].

### 3. Specified Undertaking of the Unit Trust of India (SUUTI) — 7.79%
- A Government of India-linked entity that took over the residual assets of the erstwhile Unit Trust of India [1].
- Holds ~975 million shares; stake essentially flat YoY [1].

## Ownership Structure — Key Takeaways

- **No promoter, professionally managed**: ITC formally declares *"Shareholding of Promoters: Nil"* in its FY25 annual report — an unusual feature for a large Indian conglomerate of its scale [1]. This means the company has no single controlling family or group, and management operates with substantial autonomy.
- **State institutions are decisive on the domestic side**: LIC + SUUTI together hold **23.31%** as of FY25 [1] — collectively larger than BAT's directly disclosed TMI stake (20.31%). This block effectively gives the Indian government significant influence over major corporate actions despite BAT being the single largest beneficial owner.
- **BAT–GoI dynamic**: BAT has historically sought to consolidate its stake above 30% (which would trigger an open offer under SEBI rules), but the LIC+SUUTI block, combined with regulatory constraints on FDI in tobacco, has kept BAT's holding capped at ~29% for decades. The board includes a BAT nominee director (Panray) as well as directors from the Ministry of Finance (DIPAM track) [2].
- **Remainder (~56%)**: Held by domestic mutual funds, FIIs, retail investors, and other institutions — none individually crossing the 5% disclosure threshold [1].

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**Sources**
[1] ITC Ltd. — Annual Report for period end 31-Mar-2025 (Shareholding table, >5% holders & Promoter = Nil)
[2] ITC Ltd. — Annual Report for period end 31-Mar-2025 (Directors section: S. Panray as TMI/BAT representative)
[3] ITC Ltd. — Annual Report for period end 31-Mar-2022 (Related Party Transactions: TMI as BAT PLC subsidiary)

## Citations

- [1] **ITC Ltd. (500875-IN) - Annual Report for period end 31-Mar-2025 (English) - PDF** · external
- [2] **ITC Ltd. (500875-IN) - Annual Report for period end 31-Mar-2025 (English) - PDF** · external
- [3] **ITC Ltd. (500875-IN) - Annual Report for period end 31-Mar-2022 (English) - PDF - 3 / 3** · external

