Private Equity

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ITC to consolidate shareholding in Oberoi, Leela hotel chains

Economic Times  

Ahead of spinning out of its own hotels business - ITC Hotels - into an independent company, publicly listed ITC Ltd is to consolidate the company’s shareholding in other hospitality chains - Oberoi and Leela - into itself by acquiring the shares from its wholly-owned unit, Russell Credit Ltd (RCL).The ITC board has approved the acquisition of 1.52 crore equity shares of INR 2 each of EIH Ltd (EIH) and 34.60 lakh equity shares of INR 2 each of HLV Ltd (HLV), from RCL at their respective book values, Post the acquisition, the total shareholding of ITC in EIH and HLV would be 16.13 % and 8.11 %, respectively. EIH Ltd owns and operates hospitality properties under brands, including Oberoi and Trident, while HLV Ltd operates a chain of luxury properties under the Leela brand.