Tata Sons hikes stake in IHCL by 4.78% for Rs 497.47 cr

The Indian Hotels Company Ltd (IHCL) today said Tata Sons Ltd has increased stake in it by 4.78% to 24.36% at an investment of Rs 497.47 crore.

Indian Hotels Company Ltd (IHCL) and its subsidiaries are collectively known as Taj Hotels Resorts and Palaces.

Tata Sons, the promoter of all key companies of the Tata Group, had acquired 4,80,00,000 shares in IHCL for a total sum of Rs 497.47 crore through preferential allotment on June 22 this year, the company said in a filing to BSE.

Before the transaction, Tata Sons held 19.58% stake in IHCL, the filing added.

The Taj Hotels Resorts and Palaces currently has 93 hotels in 55 locations across India with an additional 16 international hotels in the Maldives, Malaysia, Australia, UK, USA, Bhutan, Sri Lanka, Africa and the Middle East.

Shares of Indian Hotels Company Ltd today closed at Rs 58.85 per scrip on BSE, down 0.76% from its previous close.