Indian Hotels Company Limited (IHCL) invested over ₹100 crore to acquire 2.01 lakh shares of its wholly-owned subsidiary ELEL Hotels and Investment Limited via a rights issue.
ELEL holds leasehold rights for land at Bandstand, Bandra, where the Taj Bandstand project is proposed.
The Taj Bandstand project, unveiled in February, is a ₹2,500-crore development with 330 rooms and 85 apartments across two acres.
Shares were acquired at ₹5,000 each, including a cash premium of ₹4,990 per share.
Indian Hotels Company Limited (IHCL) on Tuesday said it has invested over ₹100 crore to acquire more than 2 lakh shares of its wholly-owned subsidiary ELEL Hotels and Investment Limited via rights issue.
ELEL Hotels and Investment Limited owns the leasehold rights for a land parcel at Bandstand Bandra, under which Taj Bandstand is proposed to be developed.
In February, Tata Group-owned IHCL, the country's biggest hospitality player, had unveiled the ₹2,500-crore Taj Bandstand project, which will house 330 rooms and 85 apartments spread across two acres.
"The Indian Hotels Company Limited has through a rights issue acquired 2,01,659 equity shares of the face value of ₹10 at issue price of ₹5,000 per share, for cash at premium of ₹4,990 per equity share aggregating to ₹1,00,82,95,000 of ELEL Hotels and Investment Limited, its wholly-owned subsidiary," IHCL said in a regulatory filing.
Earlier in July, IHCL announced it has acquired over 3.3 lakh equity shares through a rights issue in ELEL Hotel and Investment Ltd for over ₹165 crore.
