ITC announces record date for hotels business demerger – CNBC TV18

ITC Ltd. has announced the record date for the demerger of its hotels business. The company has fixed January 6, 2025 as the record date for the demerger of its hotels business.

In an exchange filing on Tuesday, the company said that January 1, 2025 will be the appointed and effective date for the demerger.

Shareholders of ITC will be entitled to one share of the hotels business for every ten shares they hold as of the record date.

Shareholders of ITC had approved the de-merger of its hotels business in June this year with 99.6% public institutions and 98.4% public non-institutions cast votes in approval of the proposal.

In October this year, ITC had announced the consolidation of its stake in rival hospitality chains Oberoi and Leela. ITC will acquire shares from its wholly-owned subsidiary Russell Credit Ltd. to further this exercise.

ITC currently holds 13.69% in EIH and 7.58% in HLV, while RCL holds 2.44% and 0.53% stakes in EIH and HLV, respectively.

Post the demerger, ITC plans to hold 40% stake in the new entity and the rest of the 60% will be held directly by the shareholders.

Shares of ITC are down 0.5% off the highs of the day at ₹467.45.