It is up to ITC to come up with a proposal: Oberoi

It was up to ITC to place a proposal before EIH, said P R S Oberoi, responding to queries on ITC chairman’s recent comment on “joining hands” with the company.

Oberoi said, “He (Y C Deveshwar) has not approached us, not talked to me... it’s up to them to make a proposal.”

“We are open to any possibility with any company even international,” added Oberoi.

ITC has been buying EIH shares through its investment arm since 2000 and as on June 30, held 14.98 per cent in EIH, according to exchange filings.

According to the Securities and Exchange Board of India (Sebi) regulations, 15 per cent is the threshold limit beyond which the acquirer would have to make a mandatory open offer for another 20 per cent equity in the company.

At the recent ITC AGM, Deveshwar said ITC was not interested in a hostile takeover of EIH and Hotel Leelaventures, in which it has stakes.

“These are good investments but if the other side ever thinks of joining hands with ITC it will come in handy, either in terms of joint ownership or handling just the marketing management,” Deveshwar said at the ITC AGM. In Hotel Leelaventures, ITC has a 3.72 per cent stake through Russell Credit.