he stake held by Indian Hotels Company (IHCL), which operates hospitality chain Taj, in Orient Express Hotels got diluted to below 8% after it skipped the latter's $124 million follow-on offering recently . IHCL holds its remaining stake in the NYSE-listed operator of luxury hotels, tourist trains and cruises through a subsidiary.
In the follow-on issue, Orient Express sold 11.5 million Class A common shares at a price of $10.75 a piece, garnering nearly $124 million a few weeks ago. An Orient Express spokesperson said the company doesn't comment on any shareholder's activity or participation in the firm's common share offering.
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