2024-12-17 12:42:17 :
ITC Ltd on Tuesday said it has fixed January 1, 2025 as the effective date for demerger of hotel business after receiving the approval order from the National Company Law Tribunal (NCLT). ITC shares rose more than one percent to $After the announcement, the price per share on BSE was 475.00.
The ITC informed that it received the NCLT order approving the agreement.
“The Company has received a certified copy of the order dated October 4, 2024, issued by the National Company Law Tribunal, Calcutta Bench, approving the scheme of arrangement between ITC Limited and ITC Hotels Limited and their respective shareholders and creditors. Section 230 to Section 232 read with other applicable provisions of the Companies Act, 2013 (Scheme); the company received a copy of the said order on 16 December 2024 at 5.26 pm,” ITC Represented in an exchange document.
In June this year, ITC shareholders approved the demerger of the hotel business with a majority of 99.6%.
As of 12:40 noon, ITC shares were up 0.64% $473.05 each on BSE.
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