Today was a special day for investors in ITC Ltd as the company started a new chapter by separating its hotel business into a new entity called ITC Hotels. During a special trading session held from 9 am to 10 am, the shares of ITC Ltd were adjusted by Rs 26 on the NSE and Rs 27 on the BSE.
At 10 am, normal trading began following the special session, where the price of ITC shares was set at Rs 455.6 on the NSE and Rs 455 on the BSE. If you own shares of ITC Ltd, you will receive 1 share of ITC Hotels for every 10 shares you own. However, you needed to buy your shares by Friday, as the record date for this special offer was Monday.
As part of this separation, ITC will keep 40% of ITC Hotels’ shares, and the remaining 60% will be shared equally among current ITC shareholders.
Many people are waiting to see when ITC Hotels will start trading on the stock exchange. Although ITC hasn’t announced an exact date yet, it might happen around mid-February. In the meantime, ITC Hotels has been given a temporary ticker symbol on both the BSE and NSE. It is currently marked as the 51st stock on Nifty and the 31st on Sensex, but this is just for now until the official listing
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