ITC hotels demerger: Shares falls 5% to "discover" price after hotels business spin off
The Hindu
ITC stock falls 5% as hotels business spins off, settling at ₹455.6; shareholders to receive ITC Hotels shares in February.
Shares of ITC fell about 5% on Monday (January 6, 2025) in a special trading session to "discover" its price after accounting for the foods to tobacco conglomerate spinning off its hotels business into a separate listed entity.
ITC's stock settled at ₹455.6 at the end of the hour-long pre-open trading session, compared to its unadjusted close of ₹481.6 on Friday. Now, the stock's last closing will be deemed to have been at ₹455.6.
Compared to that adjusted close, ITC's stock was down 1.1% at ₹450.55 as of 11:03 a.m. IST.
The ITC Hotels spin-off was effective Jan. 1.
ITC shareholders will get one ITC Hotels share for every 10 ITC shares, which values the ITC Hotels at ₹260 based on the price adjustment.
ITC Hotels' shares are expected to start trading in February, with ITC holding a 40% stake and the rest open to public shareholders.
Run 3 Space | Play Space Running Game
Traffic Jam 3D | Online Racing Game
Duck Hunt | Play Old Classic Game
Suspended cop claims offer to carry out "encounter" of murder case accused, dismissed by senior police official as baseless.
A total of 1,80,253 houses were sanctioned by the Karnataka Slum Development Board. Each house costs ₹7.50 lakh.
Telangana CM Revanth Reddy directs officials to place the draft bill for gig workers' job security, insurance, and amenities in public domain to elicit views of stakeholders, people
Chennai Metro Rail's construction work on Arcot Road causes chaos for commuters, leading to safety concerns and delays.
The celebration aims to honour the legacy and the influence of the institution on generations of students.
When reporters brought to her notice the claim by villagers that the late maharaja of Mysore Sri Jayachamaraja Wadiyar had gifted the land to them, Pramoda Devi Wadiyar said she is not aware of the matter, but sought to assure people that no effort will be made to take back the land that had been gifted by the late maharaja.
Minor fire incident at Park Hyatt hotel in Banjara Hills, Hyderabad triggers panic, quickly contained by firefighters.
The existing 33 kV supply line from Puttur to Sullia passes through forest areas. Hence, falling of trees and their branches on supply lines frequently disrupt power supply.
Meta’s antitrust trial is set to begin today Monday as it faces allegations that it abused market power to acquire Instagram and WhatsApp.
Tejashwi Yadav warns JD(U) about BJP's alleged plan to prevent Nitish Kumar from another term as CM.
SPCSS-TN condemns Governor R.N. Ravi for religious remarks at college event, calls for his removal from office.
China imposes visa restrictions on U.S. personnel over Tibet-related issues, sparking diplomatic tensions between the two countries.
The new Motorola Edge 60 Fusion presents itself as a strong mid-range contender. For new buyers, it offers a compelling package—premium design, vibrant display, reliable performance, practical AI features, and a camera setup that shines in daylight