Indian law firm Shardul Amarchand Mangaldas & Co and Herbert Smith Freehills have guided British American Tobacco (BAT) on its $2.1 billion strategic divestment in Indian tobacco giant ITC.

BAT offloaded 436,800,000 shares in publicly listed ITC, comprising 3.5 percent of its stake holding in the company, in one of the largest ever trades on the Indian stock exchange. BAT still owns a 25.5 percent stake in ITC.

The SAM team on the deal was led by M&A partner Mithun Thanks, capital markets partner Manjari Tyagi and private equity partner Kaustubh Verma. The team also included principal associates Shraddha Suryavanshi and Deepika Goyal, as well as associates Doorva Tripathi and Piyush Kaushal.