courtesy: goodreturns
The shareholders of ITC, a cigarette to hotel conglomerate, has approved the demerger of ITC Hotels Ltd. and ITC Ltd. The board reached the decision today, June 6, as the shareholders approved the proposed demerger of Hotels Business of ITC Limited into ITC Limited. The plan was proposed on April 30, 2024.
The demerger was approved with a majority votes of 99.6 per cent. The approval comes following an order by the National Company Law Tribunal (NCLT) to convene a meeting of the company’s ordinary shareholders.
Once the process of demerger is completed, it is expected that ITC Hotels will also be listed soon this year.
Last year in August, the company had approved a scheme of arrangement wherein the shareholders of ITC will get 1 share in the demerged hotel business for every 10 shares held in the parent company.
