Tata Sons hikes stake in IHCL by 4.78% for Rs 497.47 cr

Tata Sons hikes stake in IHCL by 4.78% for Rs 497.47 cr New Delhi: The Indian Hotels Company Ltd (IHCL) on Wednesday said Tata Sons Ltd has increased stake in it by 4.78 percent to 24.36 percent at an investment of Rs 497.47 crore.

Indian Hotels Company Ltd (IHCL) and its subsidiaries are collectively known as Taj Hotels Resorts and Palaces.

Tata Sons, the promoter of all key companies of the Tata Group, had acquired 4,80,00,000 shares in IHCL for a total sum of Rs 497.47 crore through preferential allotment on June 22 this year, the company said in a filing to BSE.

Before the transaction, Tata Sons held 19.58 percent stake in IHCL, the filing added.

The Taj Hotels Resorts and Palaces currently has 93 hotels in 55 locations across India with an additional
16 international hotels in the Maldives, Malaysia, Australia, UK, USA, Bhutan, Sri Lanka, Africa and the Middle East.

Shares of Indian Hotels Company Ltd on Wednesday closed at Rs 58.85 per scrip on BSE, down 0.76 percent from its previous close.

PTI