ITC is scheduled to host a meeting of the ordinary shareholders of the company on Thursday, June 6 at 10.30 am IST for the proposed demerger of ITC Hotels.
ITC hotel demerger: The demerger is expected to unlock value through the creation of a pure play hotels entity, which would have a business focus aligned to the specific market dynamics in India.
FMCG businesses such as ITC Ltd, Hindustan Unilever Ltd and Asian Paints Ltd and private lenders namely HDFC Bank Ltd and Axis Bank Ltd were among top losers from the index.
The stake sale in ITC is good news also because BAT is now unlikely to sell more shares in near future for it doesn t want its shareholding in ITC to fall below 25%. BAT s ownership in ITC has now fallen to 25.5% from 29% earlier.