Shares of ITC Ltd fell 0.69 per cent to ₹468.55 on the BSE at 11.40 AM. The company on Wednesday announced that it has obtained the stakes of 2.44 per cent of EIH Limited’s shares and 0.53 per cent of HLV Limited’s shares, bringing its total stakes to 16.13 per cent and 8.11 per cent respectively.
According to its exchange filing, the acquisition was made through a cash purchase from the company’s wholly owned subsidiary, Russell Credit Limited. This move is seen as a strategic step to consolidate the company’s presence and influence within the luxury hospitality market.
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Furthermore, EIH Limited, renowned for its Oberoi and Trident brands, operates a diverse portfolio of luxury hotels and resorts across India. HLV Limited specializes in owning and managing premium hotels, palaces, and resorts.
Earlier, the stock hit a 52-week high of ₹528.55 on September 27 and low of ₹399.30 on March 12 on the BSE.
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Published on December 19, 2024
https://www.thehindubusinessline.com/markets/stock-markets/itc-increases-its-stake-in-eih-hlv-shares-fall-slightly/article69003522.ece
