The demerger of ITC's hotel business became effective on January 1st. A special trading session was conducted today to determine the fair price of the newly independent ITC Hotels. The closing price of ITC shares was discovered at Rs 455, reflecting a 5.6% or Rs 27 decline from the previous day's closing price, following the special pre-open session. ' ITC Hotels will be maintained in all NSE and BSE indices at a constant price on the listing day and for the subsequent three trading days. If the stock encounters circuit limits, the exclusion from the indices will be delayed by two trading days each time. '
However, traders and investors will be unable to trade this placeholder version of ITC Hotels after the special pre-open session. Trading in the counter can commence only upon the official listing of the scrip on the exchanges.
Under the demerger scheme, shareholders will receive one equity share of ITC Hotels for every 10 shares of ITC held, with ITC retaining a 40% stake in the newly demerged entity. The remaining 60% will be distributed among existing shareholders in proportion to their ITC holdings. '
The listing date for ITC Hotels shares has yet to be announced. ITC Hotels will operate with a debt-free balance sheet and intends to accelerate growth and explore selective inorganic opportunities. ITC Hotels is a leading chain with over 140 hotels across 90 destinations, encompassing six distinct brands.
ITC is a diversified conglomerate with businesses spanning fast-moving consumer goods, hotels, paperboards and packaging, agribusiness and information technology.
ITC's net profit rose 3.07% to Rs 4,917.45 crore in Q2 FY25 as against Rs 4,926.96 crore posted in Q2 FY24. Net revenue (excluding excise duty) was at Rs 19,150.32 crore in the September quarter FY25, up 16.81% from Rs 16,393.74 crore recorded in the corresponding quarter previous year.
Powered by Capital Market - Live News