ITC may raise its stake in EIH
FMCG major, ITC is looking at various options available to it on equity in EIH. The move follows recent talks between the EIH promoters and Analjit Singh, the promoter of Max India, for selling about 17% stake in EIH to the latter.
If both parties move ahead with the stake sell ITC may consider raising its stake to 25% which will trigger an open offer for additional 20% stake in EIH. It current holds 14.98% stake in EIH, which operates Oberoi and Trident chain of hotels.
For September 2009 quarter, ITC had posted a net profit of Rs 1,009.91 crore as compared to a net profit of Rs 802.72 crore in the year ago period, up 26%.
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