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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.
Indian hotel chains are offering discounts of even up to 50% to woo travellers during what’s turning out to be a slow summer holiday season at home.The discounts are aimed at attracting both new and existing customers, as more Indians with big monies to spend are choosing to vacation overseas
Besides the hotels business, the company will look for opportunities to expand the presence of FMCG and other verticals in new overseas markets as well.
The move comes following an order by the National Company Law Tribunal (NCLT) to convene a meeting of the ordinary shareholders of the company.