ITC buys 4.62% stake in Hotel Leela from Russell Credit

Last Updated: Thursday, February 16, 2012 - 21:17

New Delhi: Diversified business group ITC Ltd on Thursday consolidated its shareholding in Hotel Leelaventure Ltd by acquiring 4.62 percent stake from its wholly-owned subsidiary Russell Credit Ltd.

With this, ITC's stake in Leelaventure has gone up to 12.88 percent from 8.26 percent.

Prior to the acquisition, RCR had 5.23 percent stake in the hospitality firm, which now stands at 0.61 percent, Hotel Leelaventure said in a filing to the BSE.

For the 4.62 percent stake, ITC has purchased over 1.79 crore shares from Russell Credit through an off-market transaction on February 9, 2011.

ITC,a major player in the hospitality sector, has been gradually increasing its stake in Krishnan Nair-promoted Hotel Leelaventure.

ITC also has 14.98 percent increase stake in the Oberois controlled hospitality firm EIH Ltd. The company's Chairman Y C Deveshwar has said that ITC may increase stake in both EIH and Hotel Leelaventure if the prices are attractive.

Shares of Hotel Leelaventure on Thursday closed at Rs 38.30, up by 2.82 percent from the previous close on the BSE.

PTI

First Published: Thursday, February 16, 2012 - 21:17

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