New Delhi: Amid reports that it could make a hostile bid for increasing stake in EIH, which runs Oberoi hotel chain, conglomerate ITC on Thursday said it could raise its stake to 25 percent from 14.98 percent now.
"We are open to upping our stake in the company... If at
all we increase our stake in the company, it won't exceed 25
percent," ITC Chairman YC Deveshwar told reporters here on
the sidelines of a conference.
"No company remains shut on thinking and ideas...
Decision lies with the board...," he added.
Deveshwar's comments come a day after he indicated that
ITC was open to slugging it out with Max India Chairman
Analjit Singh, who is planning to buy another 17 percent
stake in EIH. Singh's holding is nine percent now.
When asked about Singh's plans, Deveshwar had said on
Wednesday: "If somebody else is entering the fray, I do not
discount, we can do our re-thinking. If any new events take
place, I am not saying that we will stop thinking."
Until recently, ITC is reported to have been in talks
with the Oberois for a partnership, and has maintained that it
was not looking at hostile bid for EIH.
On ITC Group's expansion in the hospitality sector,
Deveshwar had said the company was looking for both organic
and inorganic growth. "But the emphasis has been broadly in
the domestic sector," he said.
Shares of EIH today closed at Rs 138.60, up 4.52 per cent
over previous close.
PTI
First Published: Thursday, November 26, 2009, 22:12