Indian Hotels Expands Stake in ELEL Hotels with Rs 165 Crore Investment
Tata Group's Indian Hotels Company Ltd has acquired over 3.3 lakh equity shares in its wholly-owned subsidiary, ELEL Hotel and Investment Ltd, through a rights issue. This transaction, costing over Rs 165 crore, aims to strengthen IHCL's strategic position in developing Taj Bandstand at Bandra Bandstand.
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- India
In a strategic financial move, Indian Hotels Company Ltd, a subsidiary of the Tata Group, has invested over Rs 165 crore to acquire more than 3.3 lakh equity shares in ELEL Hotel and Investment Ltd. The acquisition was facilitated through a rights issue, enhancing IHCL's footprint in the hospitality sector.
ELEL Hotel and Investment Ltd holds the leasehold rights for a significant land parcel at Bandstand Bandra, earmarked for the development of Taj Bandstand. This development marks a pivotal expansion for IHCL, furthering their mission to establish premier hospitality hubs in key locations.
The rights issue involved the acquisition of 3,30,043 equity shares, each valued nominally at Rs 10, but priced at an issue rate of Rs 5,000 per share. This transaction is expected to bolster IHCL's strategic goals and reinforce its position in the luxury hotel market.
(With inputs from agencies.)
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