ITC ups stake in Oberoi Group & Leela Mumbai ahead of hotel arms Jan 1 demerger

NEW DELHI: ITC has increased its stake in Oberoi Hotel parent EIH by acquiring an additional 2.44%. As on Sept 2024, ITC’s stake in EIH was 13.69% which now goes up to 16.13%. Additionally, ITC has also picked up an additional 0.53% stake in HLV Ltd, which is synonymous with The Leela Mumbai, taking its stake in the company to 8.11%. The move comes ahead of the Jan 1, 2025, demerger of ITC Hotels from the parent group.
In a regulatory filing Wednesday, ITC said: “…the company today has acquired 2.44% of the share capital (comprising 1,52,32,129 equity shares of Rs 2 each) of EIH Ltd and 0.53% of the share capital (comprising 34,60,829 equity shares of Rs 2 each) of HLV Ltd, from Russell Credit Ltd, a wholly owned subsidiary of the company. Post such acquisition, the company’s shareholding in EIH and HLV aggregates 16.13% and 8.11%, of their paid-up share capital, respectively.”