New Delhi
The way has been cleared for the listing of the hotel business of ITC (ITC), which runs the hotel business under the name of Maurya Sheraton, in the new year 2025. From January 1, 2025, ITC Hotels, the hotel business company of ITC Limited, will be demerged. The company has shared this information with the stock exchanges.
In a regulatory filing with the stock exchange, ITC said that the demerger of ITC Hotels will become effective from January 1, 2025. It was told in the regulatory filing that ITC Limited and ITC Hotels Limited have fulfilled all the necessary conditions with mutual consent for demerger. The company said that it has received approval from the Kolkata Bench of NCLAT on October 4, 2024 for the demerger of ITC Hotels from ITC Limited. The shareholders have approved the decision of demerger of ITC Hotels, a hotel business related company, from ITC Limited. ITC has received the copy from NCLT on 16 December 2024. ITC had announced the separation of the hotel business in August 2023. Along with this, after demerger, ITC shareholders will be given shares of the hotel business company.
ITC shareholders will get shares of ITC Hotels
Under this demerger scheme, ITC, a company that manufactures various products ranging from cigarettes, will have 40 percent stake in ITC Hotels. 60 percent stake in ITC Hotels will be given to ITC shareholders. Its decision means that ITC shareholders will also have stake in ITC Hotels.
Last year, on August 14, 2023, a meeting of the board of the company was held in which the scheme of arrangement was approved in which it was decided that every shareholder of ITC will get one share of ITC Hotels, a company related to the hotels business, in exchange for 10 shares in the parent company. Will be given. After the demerger, ITC Hotels will be listed on the stock exchange after getting approval from the stock exchanges.
