ITC Stock Price: At the end of a special trading session on stock exchanges on Monday, January 6, the market fixed the price of ITC Limited at Rs 455.60. Since the company’s hotel business has been separated from it, this special trading session was organized for price discovery of ITC. The new share price is 5.6 percent or Rs 27 less than the previous closing price.
The new price for the shares of ITC Limited was determined by the difference between the closing price of the share on January 3 and the new price discovered during the special pre-open session. ITC Hotel shares will be listed in the stock market by mid-February.
ITC shares are in decline and according to BSE, its market cap is Rs 5.63 lakh crore. The stock has fallen more than 5 percent in the last one week.
Under the demerger of the hotel business, shareholders of ITC Limited will get one equity share of ITC Hotels for every 10 shares of ITC held by them. ITC will hold 40% stake in the newly separated entity. The remaining 60% stake will be held by existing shareholders, in proportion to their stake in ITC.
Prashant Tapse of Mehta Equities says the listing is expected to happen on or before February 2025 and at between ₹100-125 per share. Taapsee is bullish on shares and demerged entity ITC Hotels. He has advised investors to hold shares.