Demerger cost and value

You bought 1,000 ITC shares at ₹400 before the ITC Hotels demerger (ratio 1:10; cost split 86.49% ITC, 13.51% ITC Hotels; 6A.5). (a) Compute the cost per share of your ITC and ITC Hotels holdings after the demerger. (b) You sell the ITC Hotels shares at ₹188. Compute the capital gain or loss. (c) In the special session ITC's price fell by about ₹27 from about ₹482. Compute the market-value share of the hotels business, and the cost per hotel share if cost had been split on market values. (d) Prove equation (6A.8) by a no-arbitrage argument and list two frictions that can make it fail on the day.