British American Tobacco (BTI) shares fell more than 1% in recent Tuesday premarket activity after Reinet Investments said it has agreed to sell a stake in the company for 1.22 billion pounds ($1.49 billion).

Reinet said it offered 43.3 million British American Tobacco shares through JPMorgan Chase (JPM) at 28.20 pounds per share.

Reinet said the proceeds from the offering would be used for "ongoing investment activity."

Price: 34.98, Change: -0.37, Percent Change: -1.05