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ITC is scheduled to host a meeting of the ordinary shareholders of the company on Thursday, June 6 at 10.30 am IST for the proposed demerger of ITC Hotels.
ITC's hotel business will not have any board representation from its largest shareholder, BAT, according to a demerger document. BAT will own 15.32% in ITC Hotels as foreign direct investment, making it the largest public shareholder after ITC's promoter holding of 39.93%. BAT's chief executive Tadeu Marroco stated last December that ITC's hotel business was not an area of interest for the British tobacco maker.
ITC hotel demerger: The demerger is expected to unlock value through the creation of a pure play hotels entity, which would have a business focus aligned to the specific market dynamics in India.
Revenue from operations increased 2.6 per to ₹16,550 crore
As part of the demerger plan, which will not only unlock value for its 36 lakh shareholders but also improve capital allocation of the parent company, ITC will own 40% in ITC Hotels. The remaining 60% will be owned by ITC shareholders in proportion to their ownership in the parent entity.