The much-awaited demerger of ITC's hotel business is finally here! Starting today, ITC Hotels will operate as a separately listed company, marking a historic shift for the tobacco-to-hospitality conglomerate.

ITC Hotels will issue equity shares directly to the shareholders of ITC in a manner that about 60 per cent stake is held directly by ITC shareholders proportionate to their shareholding in ITC and the remaining about 40 per cent stake will continue with ITC.

The much-awaited demerger of ITC Hotels will come into effect from tomorrow, January 1. The move will benefit nearly 36 lakh shareholders of the diversified Kolkata-based conglomerate. The record date for ITC shareholders has been fixed for January 6.

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ITC Hotels will be 51st constituent in Nifty50 and 31st constituent in Sensex and daily will be considered in weight calculations of the indices. However as it is not traded live so its market-cap and price will remain constant until it lists.

ITC Hotels' demerger becomes effective today, January 1. ITC shareholders listed by January 6 receive one ITC Hotels share for every 10 ITC shares owned. The expected share price range for ITC Hotels is Rs 113 to Rs 170.