Will ITC Hotels' demerger unlock value for shareholders?
ITC Hotels' demerger is expected to be completed by Sep'24, while the listing of the new entity is expected to take place in Nov'24.
ITC Hotels' demerger is expected to be completed by Sep'24, while the listing of the new entity is expected to take place in Nov'24.
The board of ITC also approved ITC Hotels' demerger in a swap ratio of 1:10, which is likely to be completed over the next 15 months.
During the quarter under review, the company’s standalone profit surged 17.6% year-on-year (YoY) to ₹4,902.74 crore as against ₹4,169.38 crore in the same period last year.
Shareholders seemed to be unhappy with demerger ratio as they would not get one share against each share they are holding in ITC.
Shares of Vedanta and ITC are trading ex-dividend today; both companies have set May 30 as record date for dividend payout
The FMCG major touched a new high of ₹443.85 intraday today on the back of a continued rise in share price for the last six sessions.
The FMCG heavyweight became the 11th BSE-listed entity to touch ₹5 lakh crore mark after shares scaled a new all-time high of ₹402.60 in intraday trade.
The FMCG heavyweight hit a new record high of ₹401.95 during the session, breaching the previous high of ₹398.2 touched in intraday trade on April 11.
The cigarette-to-hotel conglomerate is expected to report double-digit growth in its net profit for Q4 FY23, aided by cigarettes and FMCG businesses.
The share price of ITC jumped as much as 11% from day’s low to hit a new all-time high of ₹365.65 on the BSE, driven by strong volume.