ITC Hotels Demerger: What's the latest update all about?
Kolkata-headquartered cigarettes-to-hotels conglomerate ITC Ltd on Tuesday announced that a planned demerger of its hotels business into a separate company, ITC Hotels Ltd, will take effect from January 1. The conglomerate ITC on Tuesday said all conditions for the demerger are "fulfilled". Under the proposed demerger, ITC Hotels Ltd will issue equity shares directly to the shareholders of ITC to ensure that about 60 per cent stake is held directly by ITC shareholders in proportion to their shareholding in ITC while the remaining 40 per cent will remain with ITC.
ITC Demerger Update: Cigarettes-to-hotels conglomerate ITC Ltd has announced January 1 as the date on which its proposed demerger with its hotels business into a separate entity, ITC Hotels Ltd, will take effect. Providing an update on the demerger first announced in August 2023, ITC said that all the conditions related to the merger have been "fulfilled and satisfied". As part of the arrangement, ITC investors will get an about 60 per cent stake in ITC Hotels Ltd proportionate to their shareholding while the remainder 40 per cent ownership will remain with ITC. The proposed demerger will establish ITC Hotels Ltd as a new wholly-owned subsidiary of ITC Ltd.
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