Why ITC chose not to demerge hotels in Mukesh Ambani’s buy 1 get 1 style

After Ambani’s ‘buy 1 get 1 offer’ for shareholders of Reliance Industries (demerger ratio of 1:1), investors were expecting ITC also to opt for a 100% vertical split. But ITC management chose to keep 40% ownership with itself and give away the remaining 60% to existing shareholders.

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