Voting advisory firms divided over FMCG major ITC hotel demerger move

IiAS recommends 'against' vote; InGovern, SES bat the deal

Three leading domestic voting advisory firms are not on the same page over the proposed demerger and separate listing of ITC’s hotel business, ITC Hotels. Institutional Investor Advisory Services (IiAS) has recommended a vote “against” the resolution, while InGovern and Stakeholders Empowerment Services (SES) have advised their clients to vote in favour.

Voting on the resolution is currently underway.

The ITC board gave the green light to the demerger scheme in August 2023. Under this plan, existing ITC shareholders will receive one share of ITC Hotels for every 10 shares of ITC they own. After the demerger, ITC shareholders will