Shareholders of ITC have given the green light for the demerger of the company’s hotel business, leading to the formation of a new entity called ITC Hotels. This decision was made during a virtual meeting where an overwhelming 99.6% of shareholders voted in favor of the move. The establishment of ITC Hotels will focus solely on the hotel and hospitality sector, allowing for a more streamlined and focused approach to this aspect of the business.
In other corporate news, Bajaj Finance has approved the initial public offering (IPO) of Bajaj Housing Finance, with plans to raise up to ₹4,000 crore through the issuance of equity shares. This move is in compliance with regulatory norms set by the RBI for “upper layer” NBFCs to list within a specified timeframe.
Meanwhile, Wipro has secured a lucrative $500-million contract from a top US communication service provider. Over the next five years, Wipro will provide managed services for specific products and industry-specific solutions, further solidifying its position in the IT services sector.
On the regulatory front, ICICI Bank has received a warning from SEBI regarding its outreach program encouraging shareholders to vote for the delisting of ICICI Securities. The regulator has instructed the bank to take action against the employees involved in the outreach and submit a detailed report in response to shareholder complaints.
These developments in the corporate world highlight the dynamic nature of the business landscape and the strategic decisions being made by key players in various industries. Stay tuned for more updates on these and other significant developments in the business world.