|
ITC Limited's step-down subsidiary, Blazeclan Americas Inc., has been voluntarily dissolved with effect from March 24, 2026, the company said in a stock market filing.
ITC said it received confirmation of the dissolution on March 25 at 11:12 pm following which Blazeclan Americas Inc. ceased to be a step-down subsidiary of the company from the said date. "We write to advise that Blazeclan Americas Inc., USA, a step-down subsidiary of the Company, has been voluntarily dissolved with effect from 24th March, 2026; confirmation to this effect was received by the Company yesterday at 11.12 p.m," ITC said in the filing. According to the regulatory filing, Blazeclan Americas Inc. reported a total income of Rs 4.38 crore for the financial year 2024-25, representing 0.006 per cent of the total income of ITC Limited for the same period. The filing further stated that the net worth of the subsidiary stood at Rs 0.63 crore as on March 31, 2025, which accounted for 0.001 per cent of the net worth of ITC Limited as on that date. Blazeclan Americas Inc. became a step-down subsidiary of the company with effect from October 1, 2024, the company said. ITC also clarified that there was no consideration involved in the dissolution of the entity. The company stated that the transaction does not fall within related party transactions. It further said that the dissolution is not part of any scheme of arrangement and does not involve any sale or disposal of an undertaking. The disclosure was made under Regulation 30 of the Securities and Exchange Board of India's (SEBI) Listing Obligations and Disclosure Requirements Regulations, 2015, read with the SEBI Master Circular dated January 30, 2026. (ANI)
|
