look news india
ITC Limited has fixed January 1, 2025 as the date for implementing the demerger of its hotel business. The company has made this announcement after getting approval from the National Company Law Tribunal (NCLT).
Approval received from NCLT
Giving information in the exchange filing, ITC Group said that it has got approval for the demerger plan from the Kolkata bench of NCLT.
- Order issue date: 4 October 2024
- Receipt of Order: 16th December 2024 at 5:26 PM
Shareholders’ support
The company’s shareholders had overwhelmingly supported the demerger of ITC’s hotel business in June 2024 this year:
- 99.6% of shareholders voted in favor of the demerger.
- Only 0.4% shareholders opposed it.
Excellent performance of hotel business
ITC’s hotels segment has performed well in the recent financial year:
- Q4 FY2024 Revenue: ₹2,989 crore (15.6% YoY growth)
- Q4 FY2024 EBITDA: ₹1,049 crore (up 26.2% YoY)
Share performance of ITC Limited
Amid the news of demerger, on December 17, 2024, ITC Limited shares closed with a slight fall at ₹ 469.55 on the National Stock Exchange (NSE). This shows a decline of 0.12%.
