Competition Commission of India (CCI) has given its nod for the proposed de-merger of the hotels business of ITC Ltd into ITC Hotels Ltd.
“Commission approves demerger of Hotels Business of ITC Ltd to its wholly-owned subsidiary ITC Hotels Ltd,” CCI said in a post at platform “X”.
In August 2023, ITC Board had approved the demerger of its hotels business into a separate entity. Shareholders of ITC are to get one share in the soon-to-be-listed hotel entity for every 10 shares held by them in ITC Ltd.
ITC shareholders are scheduled to meet on June 6 to consider and approve the demerger proposal.
Meanwhile, in another transaction, CCI has approved the right to nominate a director on the board of directors of Embassy Office Parks REIT by the APAC Company XXIII Ltd and Kotak Performing RE Credit Strategy Fund.