RIL acquires 14.1% stake in EIH for Rs 1,021 cr

Mukesh Ambani promoted, Reliance Industries Ltd announced that it has acquired a 14.12 per cent stake in EIH Ltd. The acquisition was made through Reliance Industries Investment and Holding Pvt Ltd, a wholly owned subsidiary of RIL, said the company in a filing with the Bombay Stock Exchange today.

“RIL bought the shares from Oberoi Hotels Pvt Ltd and certain other promoters of EIH Ltd, representing 14.12 per cent of EIH Ltd at a total cost of about Rs 1,021 crores approximately,” said RIL in a statement.

The company further said that EIH Ltd has excellent future prospects as the Oberoi family has developed the ‘Oberoi Hotels’ brand into a premier brand in the luxury hospitality sector.

“There is no change of management, operation or control of EIH Ltd,” said RIL.

The Promoter and Promoter Group had a shareholding of 46.43 per cent prior to the deal.

Post a comment or leave a trackback: Trackback URL.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: