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ITC Ltd is to merge ITC Hotels Ltd and Ansal Hotels Ltd with itself with effect from April one, 2004, subject to necessary approvals.
Under the merger scheme, ITCHL shareholders will receive three ordinary shares of Rs 10 each of ITC Ltd for every 25 equity shares of Rs 10 each of ITCHL held by them on such date as may be determined, the company informed the Bombay Stock Exchange in Mumbai on Wednesday.
The members of AHL will receive one ordinary share of Rs 10 each of ITC Ltd for every 150 shares of Rs 10 each of AHL held by them.
The board, however, decided against the amalgamation of its wholly-owned subsidiary Bay Islands Hotels Ltd, it added.