ITC allots 125.11 crore shares of ITC Hotels to shareholders
ITC Ltd. has allotted 125.11 crore equity shares of ITC Hotels to its shareholders. The decision was finalized during a Board meeting on January 11, 2025, following a scheme of arrangement between ITC Ltd. and ITC Hotels (ITCHL).
In an exchange filing, ITC stated, «The Board of Directors of ITCHL, at the meeting held today, January 11, 2025, has allotted 125,11,71,040 equity shares of Rs 1 each to the shareholders of the company as of the record date, January 6, 2025, pursuant to the Scheme of Arrangement among ITC Limited, ITCHL, and their respective shareholders and creditors.»
Following this development, ITC Hotels ceased to be a subsidiary of ITC Ltd., effective January 11, 2025.
The share allotment is part of the restructuring under Sections 230 to 232 of the Companies Act, 2013, focusing on the demerger and reorganization of the two companies. ITC Hotels plans to apply for listing the newly allotted shares, which will remain frozen until the necessary permissions for trading are granted by the stock exchanges.
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