Tue Dec 17 07:10:00 UTC 2024: **ITC Hotel Demerger Finalized, Shares Rise Slightly**
MUMBAI, INDIA – ITC Ltd. has officially completed the demerger of its hotel business, effective January 1, 2025. The National Company Law Tribunal (NCLT) sanctioned the scheme of arrangement, a move previously approved by 99.6% of ITC shareholders in June. The company received the NCLT order on December 16th, 2024. Following the announcement, ITC Ltd. shares saw a slight increase, trading at Rs 472.30 per share at midday, up 0.47 percent.
The hotel segment had a strong performance leading up to the demerger, reporting record high revenue and profits in the last quarter, driven by robust growth in revenue per available room (RevPar). ITC’s overall consolidated net profit for the second quarter of 2024 also saw a modest increase of 1.8 percent, reaching Rs 5,054.43 crore.
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