ITC Hotels Listing Date: Shares To Debut On NSE, BSE On Jan. 29
ITC Hotels was demerged as a separate entity effective Jan. 1, 2025, and was required to be listed within 60 days.
ITC Hotels Ltd. is set to list its shares on Jan. 29, 2025, as per a disclosure made to the stock exchanges by parent-company ITC Ltd. on Monday.
The announcement comes a week after NDTV Profit, citing persons in the know, had reported that the listing date for the hotels arm of ITC is likely to be Jan. 29.
ITC Hotels was demerged as a separate entity effective Jan. 1, 2025, and was required to be listed within 60 days, to ensure that its shares remain part of key global MSCI and FTSE indices.
In accordance with the regulations, ITC had to announce the listing date within 20 working days from the demerger. The record and ex-date for the demerger was Jan. 6, 2025.
As of Sept. 30, 2024, foreign investors held approximately 15% of ITC's shares, which translated to a little over 9% ownership in ITC Hotels post-demerger.
ITC, as part of the demerger process, announced on Jan. 11 that it has allotted shares 125.11 crore equity shares of ITC Hotels to its shareholders. The allotment was confirmed in a board meeting on the same date, following a scheme of arrangement between the two entities.
This demerger will make ITC Hotels India's second largest hotels chain with 140 hotels and 12,965 keys (rooms), including 28 hotels with 1,642 keys in the last 24 months. The company has another 46 hotels with 4,300 keys in the pipeline which will get operationalised by March 2030, taking the total number of properties to 186 with 17,265 keys between them.
ITC Hotels manages properties under Welcomhotel, Mementos, Storii, Fortune and WelcomHeritage brands.
In the six-month period ended September 2024, the hotels company had a revenue of Rs 1,450 crore and profit before interest and tax of Rs 304 crore. The company has negligible debt on its books and estimated profit after tax for the same period is at Rs 222 crore, assuming a tax rate of 27%.
Shares of the parent ITC ended 0.38% lower at Rs 439.9 apiece on the NSE on Monday, compared to a 1.14% decline in the benchmark Nifty 50.
