ITC Hotels Share Allotment: ITC Shareholders To Get Shares Of Hotel Arm Soon; Here's How To Check
ITC Hotels Ltd. has ceased to be a subsidiary of ITC Ltd., effective January 11, 2025.
Shareholders of Kolkata-based ITC Ltd. will soon receive an allotment of 125.11 crore shares of ITC Hotels Ltd. in their demat accounts. ITCHL's Board approved the allotment of these shares, valued at Rs 1 each, on Jan. 11, as part of the ongoing restructuring process.
The shares were allocated to ITC Ltd. shareholders as of the record date, January 6, 2025. This is part of a restructuring plan under Sections 230 to 232 of the Companies Act, 2013, aimed at the demerger and reorganisation of both companies. ITC Hotels Ltd. has ceased to be a subsidiary of ITC Ltd., effective January 11, 2025.
"The Board of Directors of ITCHL, at the meeting held today, January 11, 2025, has allotted 125,11,71,040 equity shares of Rs 1 each to the shareholders of the company as of the record date, January 6, 2025, pursuant to the Scheme of Arrangement among ITC Limited, ITCHL, and their respective shareholders and creditors," ITC Ltd. said in a stock exchange filing.
ITC Hotels Ltd. will also soon initiate the necessary applications to have the newly allotted shares listed on the stock exchanges.
"Such shares will remain frozen till the time listing/trading permission is granted by the stock exchanges," the company said.
How To Check ITC Hotels Share Allotment
ITC Ltd. shareholders will receive an official communication about the allotment of ITC Hotels Ltd. shares on their registered email IDs once the process is completed.
Additionally, shareholders can check if they got the allotment by logging into their demat account and checking their investment portfolio.
ITC Hotels, the hospitality division of ITC Ltd., boasts a portfolio of luxury properties in key cities and popular tourist destinations. The company manages several renowned brands, such as ITC Grand Bharat and WelcomHotel, which are celebrated for their premium offerings in the hospitality industry.
Following the demerger, ITC Hotels will become the second-largest hotel chain in India with a portfolio of 140 hotels and 12,965 keys.
