ITC has slipped nearly 5% to Rs 293 ahead of board meeting tomorrow to consider merger of the non-engineering business of subsidiary Wimco with itself.
"A meeting of the board of directors of the company will be held on August 28 to consider a proposal for demerger of the non-engineering business comprising safety matches business and agri (forestry) business of Wimco into the company," ITC Ltd said in a filing to the BSE.
ITC along with Russell Credit, a wholly owned subsidiary, holds 98.21% of the equity share capital of Wimco. Apart from the agri and matches businesses, Wimco has interests in manufacturing packaging machinery.
The stock opened at Rs 307 and hit a low of Rs 291 on NSE. A combined 4.81 million shares change hands on the counter so far on NSE and BSE. Meanwhile, shares of cigarette major have declined by over 23% from its record high of Rs 380 touched on July 24, 2013.
"A meeting of the board of directors of the company will be held on August 28 to consider a proposal for demerger of the non-engineering business comprising safety matches business and agri (forestry) business of Wimco into the company," ITC Ltd said in a filing to the BSE.
ITC along with Russell Credit, a wholly owned subsidiary, holds 98.21% of the equity share capital of Wimco. Apart from the agri and matches businesses, Wimco has interests in manufacturing packaging machinery.
The stock opened at Rs 307 and hit a low of Rs 291 on NSE. A combined 4.81 million shares change hands on the counter so far on NSE and BSE. Meanwhile, shares of cigarette major have declined by over 23% from its record high of Rs 380 touched on July 24, 2013.