ITC Board Approves Demerge Of Hotel Business, $1BN Stake In New Subsidiary

#itc #itcshares #hotelbusiness #itcboard #sharemarket #itcboard #demerger
The board of directors of ITC today gave its in-principle approval to the demerger of the hotel business. As part of the demerger, the company will incorporate a new subsidiary, ITC Hotels Ltd. ITC will hold a 40% stake and the remaining 60% of the subsidiary will be held by shareholders of ITC. ITC will spend up to 1 billion rupees to acquire shares in the new company. The final approval of the board will be taken at its next meeting on the 14th of August. Business Today TV’s Sakshi Batra has more on this.


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