ITC Limited has announced that January 6, 2025, will be the record date for determining the shareholders eligible for equity shares of ITC Hotels Limited (ITCHL) as part of its demerger process. This decision, formalized on December 17, 2024, is a crucial step in the Scheme of Arrangement under Sections 230 to 232 of the Companies Act, 2013.
The demerger is aimed at unlocking value for shareholders and streamlining ITC’s business operations. Equity shares of ITCHL will be allotted to eligible ITC shareholders as per the scheme.
Earlier –
ITC Limited has received the National Company Law Tribunal (NCLT), Kolkata Bench’s approval for the demerger of its hotel business into ITC Hotels Limited. The scheme of arrangement has been sanctioned under Sections 230 to 232 of the Companies Act, 2013.
The company confirmed that all conditions mentioned in Clause 28 of the Scheme have been fulfilled, including the registration of the order with the Registrar of Companies (RoC), West Bengal.
Key Highlights:
- Effective Date: January 1, 2025
- Appointed Date: January 1, 2025
As ITC Hotels prepares for its demerger from the ITC Group, the company has announced ambitious plans to grow its portfolio from 140 to over 200 hotels across India. This move marks a significant milestone in ITC Hotels’ journey as it transitions into a standalone entity, aiming for accelerated growth and a sharper focus on the hospitality sector.
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