HBI Staff | Hyderabad 
According to a report by Economic Times, ITC is convening a meeting of its shareholders on June 6th, 2024, to seek approval for a major restructuring. The plan involves demerging the company’s hotel business, ITC Hotels, into a separate listed subsidiary. This move follows an order from the National Company Law Tribunal (NCLT).
Under the proposed scheme, ITC shareholders will receive one share in the new ITC Hotels for every ten shares they hold in the parent company. After receiving necessary approvals, including shareholder endorsement, the new hotel company is expected to be listed on stock exchanges within 15 months. Shareholders will directly hold approximately 60% of ITC Hotels, with the remaining 40% stake remaining with ITC. The demerger will be completed without any cash payout.
