ITC Hotels lists on stock exchanges shares decline 5 pc on BSE

    New Delhi, Jan 29 (PTI) Shares of ITC Hotels Ltd, the demerged hotels business of FMCG conglomerate ITC Ltd, on Wednesday slipped up to 5 per cent in its debut on the stock exchanges.
    The stock listed at Rs 188 apiece on the BSE, while on the NSE it began the trade at Rs 180.
    It declined 5 per cent to settle at Rs 178.60 -- the lower circuit limit -- on the BSE.
    At the NSE, the stock went lower by 4.52 per cent to settle at Rs 171.85. Intra-day, it slumped 5 per cent to hit the lower circuit limit of Rs 171.
    The firm's market valuation stood at Rs 37,169.71 crore.
    In traded volume terms, 7.13 lakh shares of the firm were traded on the BSE and 248.95 lakh shares on the NSE.
    Shares of ITC dipped 0.55 per cent to Rs 432.85 on the BSE.    
    The demerger of ITC's hotel business came into effect on January 1, 2025, with January 6 fixed as the record date. The move separated ITC Hotels from the parent entity.
    Following this, the equity shares of ITC Hotels will be listed and admitted to dealings on the exchange with effect from January 29, 2025, according to a circular by the National Stock Exchange (NSE).
    Separately, ITC, in a regulatory filing, informed that ITCHL received approval from the National Stock Exchange of India Ltd and BSE Ltd for listing and trading of its equity shares effective January 29, 2025.
    On January 6, the BSE and NSE conducted a special trading session to discover the price for ITC hotels business post demerger.
    "Debuting with a zero-debt balance sheet and a cash/cash equivalents of Rs 1,500 crore to cater to planned growth and contingency requirements, ITCHL is now listed for trading on the stock exchanges," ITC Hotels said.
    ITC Ltd retains a 40 per cent stake in ITCHL, while the remaining 60 per cent is distributed among existing shareholders.
    ITC Hotels -- the new entity after the demerger of the hotels business of diversified conglomerate ITC Ltd that listed on the stock exchanges on Wednesday -- said it plans to expand its portfolio to over 200 hotels over the next five years.
    At present, ITC Hotels operates a bouquet of over 140 properties with over 13,000 keys in more than 90 locations.

(This story has not been edited by THE WEEK and is auto-generated from PTI)