ITC Demerger Of Hotel Business Gets NCLT Nod
ITC Ltd. received approval from the National Company Law Tribunal for the demerger of its hotel business. The company received the order from the Kolkata bench of the NCLT on Friday, according to an exchange filing.
The demerger scheme will be effective on the first day of the following month after filing of certified copy of the NCLT order with the Registrar of Companies, West Bengal, and fulfilling other conditions & matters, ITC said. "The company will advise the effective date to the stock exchanges in due course."
The cigarettes-to-staples company announced its plans to demerge its hotel business in August 2023 into a separate entity. Under this demerger scheme, ITC will maintain 40% ownership of ITC Hotels, with ITC shareholders acquiring the remaining 60% in proportion to their stake in the parent entity.
The demerger scheme will be effective on the first day of the following month after filing of certified copy of the NCLT order with the Registrar of Companies, West Bengal, and fulfilling other conditions & matters, ITC said. "The company will advise the effective date to the stock exchanges in due course."
The cigarettes-to-staples company announced its plans to demerge its hotel business in August 2023 into a separate entity. Under this demerger scheme, ITC will maintain 40% ownership of ITC Hotels, with ITC shareholders acquiring the remaining 60% in proportion to their stake in the parent entity.