ITC board fixes swap ratio at 1:10 for demerged hotels business

ITC Ltd on Monday said shareholders will get one equity share of ITC Hotels for every 10 shares held in the demerged company, according to the entitlement ratio.

At the board meeting of ITC Ltd held on Monday, it was decided that issuance of equity shares by the resulting company ITC Hotels Ltd to the shareholders of the demerged entity will be in the ratio of 1:10, according to a regulatory filing by the firm.

The company said the scheme of demerger comprising hotels business of the demerged company into the resulting entity is on a going concern basis.

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