ITC Hotels set to become separate entity post shareholders’ nod
The virtual meeting, conducted under the guidance of the Kolkata Bench of the National Company Law Tribunal (NCLT), saw the resolution gain majority support from members.
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NEW DELHI: ITC has secured shareholder approval to demerge ITC Hotels into an independent entity, marking a significant restructuring move for the conglomerate.
The virtual meeting, conducted under the guidance of the Kolkata Bench of the National Company Law Tribunal (NCLT), saw the resolution gain majority support from members.
According to ITC’s regulatory filing, the split will result in ITC Hotels issuing equity shares directly to ITC shareholders, with 60% of shares held proportionately by them and the remaining 40% retained by ITC. This strategic move aims to provide long-term stability and catalyze accelerated growth and value creation for ITC Hotels.
Post-demerger, ITC Hotels will inherit investments in several hospitality entities including Bay Islands Hotels Ltd, Fortune Park Hotels Ltd, and several others. Established in 1975, ITC Hotels has grown to boast over 120 luxury hotels across more than 70 locations in India.