CosmicTaco

ITC Acquires Stakes in Oberoi and Leela Amid Hotel Demerger

CosmicTaco · 2024-12-18T22:27:52.599987+05:30

- ITC Ltd has acquired 2.44% of EIH and 0.53% of HLV from its subsidiary, Russell Credit Ltd, increasing its stakes to 16.13% and 8.11% respectively. - The demerger of ITC's hotel business is set for January 2025, creating ITC Hotels Ltd, with 60% ownership by ITC shareholders and 40% by ITC. - Regulatory approvals, including from NCLT, have been secured, and the record date for the demerger is January 6, 2025. Source: [Mint](https://www.livemint.com/market/stock-market-news/itc-acquires-2-44-stake-in-eih-and-0-53-in-leela-mumbai-for-over-rs-111-crore-ahead-of-hotel-demerger-11734533336368.html), [The Economic Times](https://economictimes.indiatimes.com/markets/stocks/news/itc-acquires-2-44-stake-in-eih-and-0-53-in-leela-mumbai/articleshow/116441932.cms)

ITC Ltd has acquired 2.44% of EIH and 0.53% of HLV from its subsidiary, Russell Credit Ltd, increasing its stakes to 16.13% and 8.11% respectively.
The demerger of ITC's hotel business is set for January 2025, creating ITC Hotels Ltd, with 60% ownership by ITC shareholders and 40% by ITC.
Regulatory approvals, including from NCLT, have been secured, and the record date for the demerger is January 6, 2025.

Source: Mint, The Economic Times