ITC Says King Maker Marketing Ceases To Be Its Subsidiary
New Delhi: Diversified firm ITC on Wednesday said its US based arm King Maker Marketing Inc has ceased to be its subsidiary.
"King Maker Marketing Inc, USA has ceased to be a subsidiary of the company with immediate effect," ITC said in a filing to the BSE.
Earlier in October 2016, ITC had said in a filing to bourses that it will sell its entire stake in US-based wholly owned subsidiary 'King Maker Marketing' for around $24 million.
"The corporate management committee has approved divestment of company's entire shareholding in King Maker Marketing, Inc, USA, a wholly owned subsidiary, along with assignment of certain trademarks owned by the company," ITC had said.
ITC shares ended 2.94 per cent lower at Rs 230.70 apiece on the BSE, whose benchmark Sensex index finished down 0.02 per cent.
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