ITC Hotel Business Demerger: Big news is coming regarding the demerger of ITC Limited’s hotel business (ITC Limited Share Price). Karni said in the information given to the exchange today on 17 December that 1 January 2025 has been fixed as the effective date for the demerger of the hotel business.
In the information given to the exchange, the company also said that the Kolkata Bench of NCLT approved the shareholders’ decision regarding the ITC Hotel Business Demerger in October of this year.
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ITC Had Announced in June about ITC Hotel Business Demerger
ITC announced the demerger of the hotel business in June this year. 99.60 percent voted in favor of the division of the company’s hotel business. At the same time, 98.40 percent of public non-institutions had voted for ITC Hotel Business Demerger.
How Much Share Does ITC Have?
Currently, ITC holds a 13.69 % stake in EIH and a 7.58 % stake in HLV. At the same time, RCL holds a 2.44 % stake in EIH and a 0.53 % stake in HLV. ITC plans to hold a 40 % stake in the company after the ITC Hotel Business Demerger. At the same time, 60 % will remain with the shareholders.
ITC had announced the demerger plan in July last year and later said the new unit would be listed in 15 months. ITC Hotels, as an independent unit, will compete with competitors like Tata-owned Indian Hotels Company and EIH Associated Hotels. Indian Hotels operates Taj Hotels. Whereas EIH manages the hotels of the Oberoi brand.
Share Performance
On Tuesday, the company’s shares were trading around Rs 469, shortly before the market closed. In the last week, ITC share prices have seen a rise of more than 1 % In the last year, ITC has managed to give only a 2.55 % return in the stock market. However, the price of ITC shares has increased by about 115 % in the last 3 years.
The 52-week high of ITC in BSE is Rs 528.55 and the 52-week low is Rs 399.30. The market cap of the company is Rs 5,88,758.81 crore. ITC emphasized that its hotel business has matured and is now ready to chart its growth path as a separate unit with a focused business approach and optimal capital structure.
ITC's hotel business is set to become independent on January 1, 2025, after receiving approval from shareholders and the NCLT. The demerger will allow the hotel business to grow independently while ITC maintains a 40% stake.#ITC#ITCHotels pic.twitter.com/974TtL1Ixl
— The Dead Bird (@Psuedosecular) December 18, 2024
About the Company
- This company was established in 1910, then the name of this company was Imperial Tobacco Company.
- Then in 1970, its name was changed to India Tobacco Company.
- After this, its name became ITC Limited in 1974.
- Sanjeev Puri is the chairman and managing director of ITC.
- ITC is a leading multi-business Indian enterprise with a presence in FMCG, Paper, Packaging, Agri-Business, Hotels, and IT.
Jay Chavda He is the Founder and Writer of businesspulsecare.com. He is an I.T Engineer, Freelancer, Businessman. He posts Business, Stock/Share Market, Finance Related News and updates on the website. 🔗