The National Company Law Tribunal (NCLT) has approved ITC Limited's long-awaited demerger of its hotel business, creating ITC Hotels as a separate entity.
ITC will hold a 40% stake, while the remaining 60% will be owned by existing ITC shareholders. Shareholders will receive 1 share of ITC Hotels for every 10 ITC shares they own. The company plans to list ITC Hotels on the NSE and BSE by the end of 2024. This move aims to unlock value and improve capital allocation for ITC.