The way has been cleared for listing of ITC's hotel business on the stock exchange, which runs the hotel business under the name of Maurya Sheraton. The National Company Law Tribunal (NCLT) has approved ITC Limited to separate the hotel business. ITC had announced the separation of the hotel business in august 2023. Along with this, after the demerger, the shareholders of ITC will be given shares of the hotel business company. This independent company will be able to take its decisions more quickly.

NCLT approved the separation of hotel business

ITC Limited informed in the exchange filing that the kolkata Bench of NCLT (National Company Law Tribunal) on friday approved the separation of the hotel business. The company said that this demerger scheme will be implemented after giving a copy of the NCLT order to the Registrar of Companies, West Bengal. The stock exchange will be informed about that date later.

ITC Hotels' shares will be given to ITC shareholders

Under this demerger scheme, ITC, a company that manufactures many products from cigarettes, will have a 40 percent stake in ITC Hotels. 60 percent stake in ITC Hotels will be given to ITC shareholders. This decision will be taken in proportion to their current shareholding. In this way, ITC shareholders will also have a stake in ITC Hotels.

Approval was already received from the Competition Commission of India

ITC shareholders approved this demerger in June. All shareholders and creditors, including the government, approved this proposal by majority. Voting had to be done on it after Institutional Investor Advisory services opposed the demerger proposal. This proposal of ITC has already been approved by the Competition Commission of India. ITC had said that our hotel business has become stronger in the last few years. Now it can progress on its own. On friday, ITC shares closed down on BSE and NSE.