Oberois likely to ‘raise’ stake in company


KOLKATA 
The promoters of EIH, which runs the Oberoi and Trident chains of hotels, are likely to increase their stake in the company.

After the EIH annual general meeting (AGM) on Tuesday, Vice-Chairman and Chief Executive Officer S S Mukherji told reporters the promoters had the option to increase their stake. “We will increase our stake in the firm as and when it is required,” he said. Currently, the promoters hold 36 per cent stake in EIH. The Mukesh Ambani-led Reliance Industries Investments and Holdings and ITC hold 18.53 per cent and 14.98 per cent, respectively.

In 2010, Ambani was brought in as a white knight by EIH Chairman P R S Oberoi, to ward off any threat from ITC.

Full report here Business Standard

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