Mumbai: Tata Sons has increased stake in Indian Hotels Company (IHCL) by acquiring 46.30 lakh shares of the company for about Rs 29 crore through open market transactions.
According to block data available with the stock exchanges, Tata Sons, which held 19.67 crore shares or 24.36 percent stake in IHCL at the end of June quarter, has acquired 46.30 lakh shares (amounting 0.57 percent stake) in the firm from three other promoter entities.
The shares were purchased at an average price of Rs 62.3, valuing the deal to Rs 28.84 crore.
Tata Sons bought the shares from three promoter entities- Taj Trade & Transport Company Ltd, Ewart Investment Ltd and Piem Hotels Ltd.
Indian Hotels Company Ltd and its subsidiaries are collectively known as Taj Hotels Resorts and Palaces.
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.
In a separate bulk deal, Sharad K Shah, one of the shareholder of Tata Coffee, raised his stake in the firm by picking up an additional 1.18 lakh shares for Rs 11.47 crore.
At the end of June quarter, Shah held 3.92 lakh shares or 2.10 percent holding in Tata Coffee, latest data with the stock exchanges showed.
At the BSE, shares of IHCL rose by 0.64 percent to settle at Rs 62.70 apiece, while Tata Coffee went up by 0.22 percent to close at Rs 964.90.