14.98% stake increased in Oberoi’s by ITC

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Feb 17, 12 14.98% stake increased in Oberoi’s by ITC

On Thursday in Hotel Leelaventure a diversified business group ITC consolidated its shareholders by acquiring 4.62% stake from its wholly-owned subsidiary Russell Credit. With this, ITC’s stake in Leelaventure has gone up to 12.88% from 8.26%.

Prior to the acquisition, RCR had 5.23% stake in the hospitality firm, which now stands at 0.61%, Hotel Leelaventure said in a filing to the Bombay Stock Exchange (BSE).

For the 4.62% stake, ITC has purchased over 17.9 million shares from Russell Credit through an off- market transaction on February 9, 2011.

ITC, a major player in the hospitality sector, has been gradually increasing its stake in Krishnan Nair- promoted Hotel Leelaventure.

ITC also has 14.98% increased stake in the Oberoi’s controlled hospitality firm EIH.

The company’s Chairman YC Deveshwar had said that ITC may increase stake in both EIH and Hotel Leelaventure if the prices are attractive.

Today, up by 2.82% from the previous close on the BSE, Shares of Hotel Leelaventure closed at Rs 38.30.

Report: Tirna Chowdhury

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