ITC Ltd.

ITC has received in-principle approval from the Board for the demerger of Hotels Business under a scheme of arrangement, with the Company holding a stake of about 40% in the new entity and the balance shareholding of about 60% to be held directly by the Company’s shareholders proportionate to their shareholding in the Company.

The scheme of arrangement shall be placed for approval of the Board at its next meeting to be convened on August 14, 2023. Appropriate announcements and public disclosures in accordance with the SEBI Listing Regulations and other applicable laws will be made as necessary. To progress the proposed reorganisation as aforesaid, the Board has also approved incorporation of a wholly owned subsidiary (WOS) of the Company.

The Board of Directors of the Company, at its meeting held on July 24, 2023, evaluated and discussed various alternative structures for the Hotels Business.

ITC has business a interests in cigarettes, hotels, paperboards and specialty papers, packaging, agribusiness, packaged foods and confectionery, information technology, branded apparel, personal care, stationery, safety matches and other FMCG products.