In the short term, there is a possibility that few shareholders (especially ETFs) may have to forcefully exit Hotels Ltd and this can create pressure on the stock price. We believe, any short term pressure on the ITC Hotels stock price will be a good opportunity for retail/HNI shareholders to accumulate quality business in their long term portfolio. Meanwhile, post demerger, investors can also continue to hold shares of this hotel for long term given its diversified FMCG portfolio and steady growth in its core businesses (Cigarette & FMCG). Also, the demerger of its asset heavy hotels business will result in improved return ratios and cash flows.