ITDC stock rises by 20%
DSIJ Intelligence / 21 Apr 2017
India Tourism Development Corporation (ITDC) stock increased by 20 per cent amidst the buzz related to strategic sale of its hotels in several locations.
India Tourism Development Corporation (ITDC) stock increased by 20 per cent amidst the buzz related to strategic sale of its hotels in several locations. The government run company owns over 17 properties across India under the brand of the Ashok Group of Hotels.
ITDC is likely to sell 51 per cent of its shares in Pondicherry Industrial Promotion Development and Investment Corporation besides deciding to transfer its stakes in Hotel Patliputra Ashok in Patna and Hotel Donyi Polo in Itanagar to the respective state governments.
Whereas the company is also looking for opportunities to divest its stakes in other subsidiaries in Madhya Pradesh Ashok Hotel Corporation, Assam Ashok Hotel Corporation and Punjab Ashok Hotel Company since last two years. The hotels on lease will generate a sizeable amount of lease premium for the government, from the private entities running the hotels.
The company's stock traded at Rs 630.10, up by 20 per cent on the BSE at 15:20 hrs IST on April 21, 2017,
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