ITC Hotels demerger: 6 reasons why it is a win-win for ITC shareholders
ITC Ltd completed today as ITC shares started trading ex-demerger after a special price discovery trading session. While ITC shares fell over 2% following the demerger amid broad-based weakness in the market, analysts are bullish both on ITC as well as ITC Hotel shares in the long run following completion of the value unlocking deal for 36 lakh shareholders.
ITC share price got adjusted by Rs 26 on NSE and by Rs 27 on BSE in the special call auction session from 9 am to 10 am in which no trading was allowed.
ITC investors, whose name appeared on the record books today, would get 1 share of ITC Hotels for every 10 held of ITC. As part of the demerger deal, ITC would retain 40% of the hotel shareholding and the remaining 60% would be equally distributed among existing ITC shareholders.
Also read | ITC share price adjusts by Rs 26 on NSE as stock trades ex-demerger of hotels biz
The Street is expecting ITC Hotels shares to get listed on or before February 2025. «Based on the peer valuation expectation in the luxury hotel space, we are expecting the listing to be anywhere in the range of Rs 100-125 per share on a conservative basis,» said Prashanth Tapse of Mehta Equities.
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