India Tourism Development Corporation (ITDC) has decided to ink Memorandum of Understandings (MoUs) with the willing states for transfer of equity stake/units to the respective States/State Corporation as it will take some time to complete the actual formal process [considering the various steps involved such as approval by Core Group of Secretaries on disinvestment (CGD), the CCEA and the shareholders of ITDC etc.] for actual transfer to take place. The company's board through agenda by circulation approved for the same on April 27, 2017.

The MoUs will be based on the valuation range recommended by the ITDC Board in the meeting held on April 13, 2017, the recommendations of the ITDC Board as approved by the Evaluation Committee (constituted by the Ministry of Tourism, Government of India in accordance with the Guidelines of DIPAM, Ministry of Finance for strategic disinvestment of CPSEs) and finally approved by the Inter Ministerial Group(constituted by the Ministry of Tourism, Government of India for disinvestment of hotels/properties of ITDC and its JV subsidiaries).

Shares of the company declined Rs 8.75, or 1.27%, to trade at Rs 677.80. The total volume of shares traded was 32,597 at the BSE (10.49 a.m., Thursday).