ITC shareholders approve demerger of ITC Hotels with 99.6% majority
At a meeting held on Thursday, an overwhelming majority of 99.6% of shareholders approved the resolution of demerger of the hotels business of ITC Limited into ITC Hotels Limited.
Paving the way for the of , of diversified conglomerate today approved the of the hotel .At a meeting held on Thursday, an overwhelming majority of 99.6% of shareholders approved the resolution of demerger of the hotels business of into Hotels Limited.
The comes following an order by the National Company Law Tribunal () to convene a meeting of the company's ordinary shareholders.
Once the demerger process is completed after securing other , Hotels is likely to get listed soon this year.
The company in August last year approved a scheme of arrangement under which the shareholders of ITC will get 1 share in the demerged hotels business for every 10 shares held in the parent company.
Recently, the (CCI) approved the demerger of the hotel business.
Once the hotels business is listed as separate entity, ITC will continue to hold a 40% stake, while the remaining 60% will be held by the conglomerate's shareholders.
More to come...
Source: Stocks-Markets-Economic Times
