ITC Ltd announced that January 6, 2025, has been designated as the record date for the demerger of its hotel business. The effective date for the demerger has been set for January 1, 2025.
In a filing to stock exchanges on December 18, ITC stated:
“The Company and ITC Hotels Limited (ITCHL) have mutually agreed to fix Monday, 6th January, 2025, as the Record Date for determining the shareholders of the Company to whom equity shares of ITCHL would be allotted in accordance with Clause 18 of the Scheme of Arrangement.”
This means shareholders of ITC as of the record date will be eligible to receive equity shares of ITC Hotels Limited (ITCHL).
Trading Update
As of 1:05 PM on December 18, ITC’s stock was trading nearly flat at ₹469.65 per share.
The demerger of ITC’s hotel business is part of the company’s strategy to unlock value for shareholders and focus on its core businesses, including FMCG, agri-business, and cigarettes.
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Source: Moneycontrol
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