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Tata Sons to sell 8% stake in Indian Hotels via QIP to raise Rs 2,000-Cr

Business Standard  

Tata Sons, the parent firm of Indian Hotels Company (IHCL), plans to dilute its stake by up to 8% in the hotel major, as the hospitality giant is looking to raise around INR 2,000 crore via qualified institutional placement (QIP) in the next two weeks. Tata Sons holds a 41% stake in IHCL, the operator of the Taj group of hotels. IHCL will use the proceeds to reduce its consolidated debt worth INR 1,905 crore (as of December last year). The debt reduction by IHCL is part of the Tata group's plans to do so in all companies by 2025.