Mumbai: The equity shares of ITC Hotels Ltd were listed on Wednesday on the Bombay Stock Exchange (BSE) at Rs 188 and Rs 180 on the National Stock Exchange (NSE).
ITC Hotels, a demerged entity of cigarettes-to-FMCG conglomerate ITC Ltd.
ITC demerged its hotel business, creating a separate entity in a 1:10 ratio this month.
The stock was listed at over a 30 percent discount to the discovered price, more than expectations of analysts’.
With this inclusion, the scrips in the BSE have gone to 31; however, ITC Hotels shares will be removed from Nifty 50.
The parent ITC Ltd, retained a 40.0 per cent stake in the new entity, with the remaining 60 per cent distributed to shareholders.
The scrip registered an intraday high at Rs 189 and a low at Rs 178.
