IHCL Invests Rs 100 Cr in ELEL Hotels

New Delhi, Sep 23 (PTI) Indian Hotels Company Limited (IHCL) on Tuesday said it has invested over Rs 100 crore to acquire more than 2 lakh shares of its wholly-owned subsidiary ELEL Hotels and Investment Limited via rights issue.

ELEL Hotels and Investment Limited owns the leasehold rights for a land parcel at Bandstand Bandra, under which Taj Bandstand is proposed to be developed.

In February, Tata Group-owned IHCL, the country's biggest hospitality player, had unveiled the Rs 2,500-crore Taj Bandstand project, which will house 330 rooms and 85 apartments spread across two acres.

"The Indian Hotels Company Limited has through a rights issue acquired 2,01,659 equity shares of the face value of Rs 10 at issue price of Rs 5,000 per share, for cash at premium of Rs 4,990 per equity share aggregating to Rs 1,00,82,95,000 of ELEL Hotels and Investment Limited, its wholly-owned subsidiary," IHCL said in a regulatory filing.

Earlier in July, IHCL announced it has acquired over 3.3 lakh equity shares through a rights issue in ELEL Hotel and Investment Ltd for over Rs 165 crore.