ITC ups stake in Oberoi Group & Leela Mumbai ahead of hotel arms Jan 1 demerger – Times of India

Bhavesh Mathur

5 days ago

NEW DELHI: ITC has increased its stake in Oberoi Hotel parent EIH by acquiring an additional 2.44%. As on Sept 2024, ITC’s stake in EIH was 13.69% which now goes up to 16.13%. Additionally, ITC has also picked up an additional 0.53% stake in HLV Ltd, which is synonymous with The Leela Mumbai, taking its stake in the company to 8.11%. The move comes ahead of the Jan 1, 2025, demerger of ITC Hotels from the parent group.
In a regulatory filing Wednesday, ITC said: “…the company today has acquired 2.44% of the share capital (comprising 1,52,32,129 equity shares of Rs 2 each) of EIH Ltd and 0.53% of the share capital (comprising 34,60,829 equity shares of Rs 2 each) of HLV Ltd, from Russell Credit Ltd, a wholly owned subsidiary of the company. Post such acquisition, the company’s shareholding in EIH and HLV aggregates 16.13% and 8.11%, of their paid-up share capital, respectively.”

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Bhavesh Mathur

I am Bhavesh Mathur; a content writer and web designer, very strong on the delivery of impactful and insightful content. My major work involves writing articles on a wide variety of business and news-related topics, with the prime focus being on making hard-to-understand information approachable and interesting for readers. As the founder of News Eager, I will post news daily in many fields such as politics, business, sports, entertainment, and lifestyle. I will provide a platform where people can easily stay updated with what is happening in different parts of the world. In addition to my writing, I bring web design skills to each project, ensuring that my platforms are not only content-rich but also visually appealing and user-friendly. I aim to bring value and build trust with my audience through my work on News Eager.
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