ITC says demerger report ‘speculative in nature’

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ITC Limited has informed the stock exchanges that news with regard to a potential demerger of the company is “speculative in nature”.

“We write to advise that the news item under reference is speculative in nature,” the ITC said in a filing with reference to the news item in a TV channel.

“We draw your attention that if and when there is any material development with respect to the affairs of the Company, the Stock Exchanges are kept advised, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with the Company’s Policy for determination of materiality of events and information for disclosure to the Stock Exchanges,” the ITC said.

As per reports, ITC is readying a demerger plan with a big unlocking of value for shareholders.

After ITC Demerger, there would emerge as many as three companies namely hotels, FMCG and infotech, as per reports.

The Board Meet of ITC will happen in April where the management will discuss the demerger. This is a long term process and the company has been working on it since long and now seems that it is in the final stages of getting demerged, the report said.

Investment Bankers have also started working on demerger. Paper, Textiles, Cigarettes and other FMCG companies will be a flagship company and other two businesses, hotels and Infotech, will be separate businesses, the reports said.

–IANS

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