ITC-ITC Hotels Demerger: Cigarettes-to-hotels conglomerate ITC has announced the record date for the demerger of its hotel business. In an exchange filing, ITC said that the company has fixed the record date for determining the shareholders of the company to whom the shares of ITC Hotels Limited would be allotted.
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ITC-ITC Hotels Demerger
The company announced January 6, 2025, as the Record Date for the demerger of its hotel business.
“Further to our letter dated 1 th December 2024, we write to advise that the Company and ITC Hotels Limited (ITCHL) have mutually agreed to fix Monday, 6
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th January 2025 as the Record Date for the purposes of determining the shareholders of the Company to whom equity shares of ITCHL would be allotted in accordance with Clause 18 of the Scheme of Arrangement amongst ITC Limited and ITC Hotels Limited and their respective shareholders and creditors under Sections 230 to 232 read with the other applicable provisions of the Companies Act, 2013,” ITC said in an exchange filing.
This necessarily means that those shareholders, who are holding the shares of ITC as on January 6, 2025, will be allotted the shares of ITC Hotels in accordance with the scheme of arrangements.
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ITC consolidates shareholding in Oberoi, Leela chains
On Tuesday, ITC announced that the appointed date and the effective date of the scheme shall be January 1, 2025. The decision was announced after the National Company Law Tribunal, Kolkata Bench approved the scheme of demerger of the two businesses in October.
In a separate development, ITC upped its shareholding in EIH, the owners of premium luxury hotels and cruisers under the luxury ‘Oberoi’ and ‘Trident’ brands, by 2.44 per cent. EIH is also engaged in flight catering, airport restaurants, project management and corporate air charters.
