SAMIE MODAK & ISHITA AYAN DUTT Mumbai/Kolkata, 27 May Three leading domestic voting advisory firms are not on the same page over the proposed demerger and separate listing of ITC's hotel business, ITC Hotels.
Institutional Investor Advisory Services (IiAS) has recommended a vote "against" the resolution, while InGovern and Stakeholders Empowerment Services (SES) have advised their clients to vote in favour. Voting on the resolution is currently underway.
The ITC board gave the green light to the demerger scheme in August 2023.
Under this plan, existing ITC shareholders will receive one share of ITC Hotels for every 10 shares of ITC they own. After the demerger, ITC share holders will directly own 60 per cent of the new company, with ITC holding the remaining 40 per cent.
IiAS has raised objections to ITC's decision to retain a direct 40 per cent stake in ITC Hotels after the demerger.
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