ITC Hotels Limited shareholders approved the appointment of Ramakrishnan Chander as a Non-Executive Director for a three-year term effective August 6, 2026, alongside declaring a final dividend of ₹1 per equity share for FY26. The resolution passed at the company’s 3rd Annual General Meeting (AGM) strengthens the Board’s composition by adding leadership from its largest shareholder, Life Insurance Corporation of India (LIC). This appointment underscores the Board’s focus on governance continuity and strategic alignment with key institutional stakeholders in its third year of independent operations.

Mr. Chander, who serves as the Managing Director of LIC, will represent the insurer on the Board. He is liable to retire by rotation. His appointment was approved with 99.89% support from shareholders, reflecting strong backing from both promoter and public categories. Mr. Chander brings over 35 years of experience across marketing, administration, and investment management, having joined LIC in 1990. He holds a Post Graduate Diploma in Financial Management and is a Fellow Member of the Insurance Institute of India.

The AGM, held on August 6, 2026, via Video Conferencing / Other Audio Visual Means, also saw the adoption of standalone and consolidated financial statements for FY26. Shareholders re-elected Rajendra Kumar Singhi as a Director and approved the remuneration of Messrs. S. R. Batliboi & Co. LLP as Statutory Auditors for the financial year 2026-27. The final dividend of ₹1 per equity share of ₹1 each was declared, providing a direct return to investors.

Voting Results Summary

The following table summarizes the voting outcomes for the key resolutions passed at the AGM. All resolutions were passed with significant majority support.

Promoter and Promoter Group shareholders voted in favor of all resolutions with 100% support. Public institutional shareholders also showed near-unanimous support, with over 99% approval rates across most items.

Governance and Compliance

The proceedings were conducted in adherence to Regulation 30 and Regulation 44(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Notice for the AGM was dated May 15, 2026. Remote e-voting was available from 9:00 a.m. IST on August 2, 2026, to 5:00 p.m. IST on August 5, 2026. The voting results and Scrutinizer’s Report have been made available on the company’s website and the National Securities Depository Limited website, and forwarded to the National Stock Exchange of India Limited and BSE Limited.

ITC Hotels signed a definitive agreement to acquire 100% of the share capital of GHK Hospitality & Infrastructures Ltd for ₹155 crore on a debt-free and cash-free basis. The transaction covers the 130-key Welcomhotel Ahmedabad, an Upper Upscale property located on Ashram Road overlooking the Sabarmati Riverfront. The acquisition is expected to be consummated within the current quarter, subject to customary adjustments under the definitive agreement.

Strategic Rationale and Asset Expansion

The acquisition aligns with ITC Hotels' strategy to strengthen its owned asset portfolio in Ahmedabad by straddling across all branded hospitality market segments. Transitioning the property from a managed contract to full ownership allows the company to unlock greater value, optimize capital efficiency, and reduce time-to-market compared to a greenfield investment. The company expects the transaction to be EPS accretive in the first full year of operations post-acquisition.

Property Details and Market Position

Welcomhotel Ahmedabad features spacious rooms, 8,500 sq.ft of banqueting spaces, a restaurant, and a rooftop swimming pool. The hotel is in proximity to the Ahmedabad International Airport and the Narendra Modi Stadium. Anil Chadha, Managing Director, ITC Hotels Limited, highlighted that Ahmedabad is one of India's fastest-growing urban centres, supported by infrastructure investments and industrial corridors like Dholera, GIFT City, and Sanand.

Recent Expansion Moves

This acquisition follows ITC Hotels' recent purchase of The Zuri Kumarakom, Kerala Resort & Spa, a luxury resort in a high-growth leisure destination. Both moves underscore the company's commitment to strengthening its presence in key commercial and leisure destinations nationwide.