$ITC plans to float ITC Hotels on the stock exchange as a spin-off. $BATS (+1,09 %) will have around 15% of ITC Hotels (1 ITC Hotels share for every 10 ITC shares). The value of the share package is estimated at around $400 million. BAT plans to sell its stake in ITC Hotels without discount. The proceeds from the sale will be used to reduce debt.
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