RIL hikes stake in EIH to 14.80%

Sep 02, 2010 |

Correspondent

Reliance Industries on Wednesday said it has hiked its stake in hospitality firm EIH Ltd to 14.80 per cent, taking the Mukesh Ambani-led firm a step closer to the threshold limit of 15 per cent for making an open offer. RIL's move comes within two days of announcing its entry into the hospitality sector with the acquisition of a 14.12 per cent stake in EIH Ltd, which runs the Oberoi and Trident hotels and resorts. RIL subsidiary Reliance Industries Investment and Holding Pvt Ltd on Tuesday bought 26,86,885 additional shares in off- market trade, the company said in a filing to the stock exchanges. RIL’s latest move is aimed at keeping rival ITC from making an open offer to increase its stake in EIH.

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