King Maker Marketing Inc ceases to be ITC's subsidiary

Diversified firm ITC today said its US based arm, King Maker Marketing Inc has ceased to be its subsidiary.
"King Maker Marketing Inc, USA has ceased to be a subsidiary of the company with immediate effect," ITC said in a filing to BSE.
Earlier in October 2016, ITC had said in a filing to bourses that it will sell its entire stake in US-based wholly owned subsidiary 'King Maker Marketing' for around USD 24 million.
"The corporate management committee has approved divestment of company's entire shareholding in King Maker Marketing, Inc, USA, a wholly owned subsidiary, along with assignment of certain trademarks owned by the company," ITC had said.

Shares of ITC today closed at Rs 230.70 per scrip on BSE, down 2.94 per cent from its previous close.