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Shareholders of conglomerate ITC on Thursday voted, with a 99.6 per cent majority, in favour of demerging its hotels business.
The company announced the voting results after the shareholders’ meeting convened by the National Company Law Tribunal (NCLT) to approve the demerger of the hotels business into ITC Hotels.
The resolution for approving the scheme of arrangement among ITC and ITC Hotels and their respective shareholders and creditors has been passed by the members through a requisite majority, the filing with the stock exchanges said.
The ITC stock on Thursday at the BSE closed at Rs 435.80, up 1.28 per cent.
The shareholders’ nod came amid a recommendation to vote “against” the resolution from domestic voting advisory firm Institutional Investor Advisory Services (IiAS).
Other firms such as InGovern and Stakeholders Empowerment (SES) had advised their clients to vote in favour of it.
A majority of the shareholders who participated at the NCLT-convened meeting spoke in favour of the resolution.