ITC retains its holding in East India Hotels, subscribes to rights issue

An ITC spokesperson says EIH issue was attractively priced, and that ITC holding in EIH was part of its treasury investment portfolio

Diversified conglomerate, ITC, has maintained its two-decade hold in EIH Ltd by subscribing to the rights issue of the hospitality major concluded in October, documents filed with the bourses revealed.

ITC’s holding in EIH is through ITC Limited and its subsidiary, Russell Credit Limited (RCL). An ITC spokesperson confirmed that its rights entitlement was exercised through RCL. “Strategic investments by the company are normally made through RCL, a 100 per cent subsidiary of the company. Between ITC and RCL, the percentage of shareholding in EIH, pre and post rights issue remains unchanged,” he said.

According to the shareholding pattern filed