RIL hikes stake in EIH to 18.53%

Mukesh Ambani-led Reliance Industries (RIL) today increased its stake in hospitality firm EIH to 18.53% by picking additional 21.3 million shares worth Rs 192 crore through an open market transaction.

RIL subsidiary Reliance Industries Investment and Holding purchased 21,315,000 shares of EIH (accounting for 3.73% stake) for Rs 90 apiece valuing the deal to Rs 191.83 crore, according to information available with the stock exchanges.

As of December quarter, Reliance Industries Investment and Holding held 84,592,273 shares or 14.8% stake in EIH.

Meanwhile, two promoters -- Gaylord Impex and Pivet Finances of EIH have exited the company by offloading their entire stake.

Gaylord Impex sold 88,19,683 shares of the company, while Pivet Finances 1,24,82,720 offloaded equities in the hospitality firm. The shares were sold at Rs 90 apiece.

In September 2010, RIL had acquired a 14.12% stake in EIH, which operates hotels and resorts under the Oberoi and Trident brands, for Rs 1,021 crore at a premium of 22% a share.

Shares of RIL closed 0.49% higher at Rs 814.35 apiece on the BSE, while EIH's stock rose by 2.05% to end at Rs 89.70 on the bourse.