IHCL Acquires Shares in ELEL Hotel for Rs 165 cr

New Delhi, Jul 16 (PTI) Tata Group hospitality firm Indian Hotels Company Ltd on Wednesday said it has acquired over 3.3 lakh equity shares through a rights issue in wholly-owned arm ELEL Hotel and Investment Ltd for over Rs 165 crore.


ELEL Hotel and Investment Ltd holds the leasehold rights for the land parcel at Bandstand Bandra, under which Taj Bandstand is proposed to be developed, Indian Hotels Company Ltd (IHCL) said in a regulatory filing.

The company, through a rights issue, acquired 3,30,043 equity shares of the face value of Rs 10 at an issue price of Rs 5,000 per share, for cash at a premium of Rs 4,990 per equity share aggregating to Rs 165.02 crore, it said.