Thu Jan 30 14:40:00 IST 2025: ## ITC Hotels Lists at Discounted Price After Demerger
**Mumbai, India** – ITC Hotels debuted on the National Stock Exchange (NSE) today at ₹180 per share, a nearly 31% discount from its implied price of ₹260. This follows the company’s demerger from its parent, ITC, a move aimed at unlocking shareholder value.
The demerger ratio was 1:10, meaning ITC shareholders received one ITC Hotels share for every 10 ITC shares held as of January 6th, 2025. Approximately 60% of ITC Hotels shares are now held directly by former ITC shareholders, with the remaining 40% retained by ITC.
A special trading session on January 6th determined the value of ITC’s hotel business post-demerger. The price discovery method valued ITC (excluding the hotel business) at ₹455 per share.
While brokerage firms had varying estimates for the ITC Hotels listing price (ranging from ₹150-175 to ₹200-300), the actual listing fell below the higher estimates. The demerged entity now encompasses several hospitality investments, including Bay Islands Hotels Ltd, Fortune Park Hotels Ltd, and others. This development comes amid broader news coverage of India’s financial markets, including Q3 2025 results and the upcoming Budget 2025.
First Piper 