Maurya Sheraton: The way has been cleared for listing of the hotel business of ITC (ITC), which runs the hotel business in the name of Maurya Sheraton, on the stock exchange. National Company Law Tribunal (NCLT) has approved the separation of hotel business of ITC Limited. ITC had announced the separation of hotel business in August 2023. Along with this, after demerger, ITC shareholders will be given shares of the hotel business company. This independent company will be able to take its decisions more quickly.
NCLT approves separation of hotel business
ITC Limited informed in its exchange filing that the Kolkata Bench of NCLT (National Company Law Tribunal) on Friday has approved the separation of its hotel business. The company said that this demerger scheme will be implemented after giving a copy of the NCLT order to the Registrar of Companies, West Bengal. Information about that date will be given to the stock exchange later.
ITC Shareholders will get shares of ITC Hotels
Under this demerger scheme, ITC, a company that manufactures various products ranging from cigarettes, will have 40 percent stake in ITC Hotels. 60 percent stake in ITC Hotels will be given to ITC shareholders. This will be decided in proportion to their current shareholding. In this way, ITC shareholders will also have stake in ITC Hotels.
Approval was already received from Competition Commission of India
ITC shareholders had approved this demerger in June. This proposal was approved by majority by all the stakeholders and creditors including the government. Voting had to be conducted after Institutional Investor Advisory Services opposed the demerger proposal. This proposal of ITC has already been approved by the Competition Commission of India. ITC had said that our hotel business has become stronger in the last few years. Now it can progress on its own. On Friday, ITC shares closed down on BSE and NSE.
read this also
Veg Thali: Your plate has become expensive, skyrocketing prices of vegetables spoil the budget
