Eligible shareholders will get one share of the ITC Hotels Ltd. for every 10 shares held in ITC Ltd. As per the scheme of arrangement, the new resulting company, ITC Hotels Ltd., will have an equity of 207.84 crore shares of Re 1 face value, that is, equity capital of Rs 207.84 crore.
The shareholders of ITC approved the demerger with a majority of 99.6%, after a tussle with the domestic proxy advisory firm, Institutional Investor Advisory Services. IiAS had advised shareholders of the firm to vote against the proposed demerger, stating that it only partially unlocks value.
ITC, however, said that the hotels business has matured over the years and is well poised to chart its own growth path as a separate entity in the fast-growing…
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