Shares of ITC Ltd rose by 0.67 per cent to ₹487.15 on the BSE at 12:24 PM on Thursday, following the implementation of its long-planned hotels business demerger.
The demerger, effective from January 1, 2025, has resulted in ITC transferring its entire stake in its hotel-related subsidiaries and associates to the newly formed ITC Hotels Limited.
This includes eight entities: Fortune Park Hotels Limited (100 per cent subsidiary), Bay Islands Hotels Limited (100 per cent subsidiary), Landbase India Limited (100 per cent subsidiary), WelcomHotels (Lanka) Private Limited (100 per cent subsidiary), Srinivasa Resorts Limited (100 per cent subsidiary), International Travel House Limited (48.96 per cent associate), Gujarat Hotels Limited (45.78 per cent associate) and Maharaja Heritage Resorts Limited (50 per cent joint venture).
The announcement follows ITC’s earlier declaration on December 17, 2024, about its intention to separate its hospitality business.
ITC’s stock has seen fluctuations over the past year, hitting a 52-week high of ₹528.55 on September 27, 2024, and a low of ₹399.30 on March 12, 2024.
The stock hit a 52 week high of ₹528.55 on September 27, 2024 and it reached low of ₹399.30 on March 12 on the BSE.
