Diversified business group ITC which also runs the luxury chain ITC hotels, consolidated its shareholding in Hotel Leelaventure by acquiring 4.62% stake from its wholly-owned subsidiary Russell Credit (RC). That brings ITC’s stake in Leelaventure has gone up to 12.88% from 8.26%.
Prior to the acquisition, RC had 5.23% stake in the hospitality firm, which now stands at 0.61%, Hotel Leelaventure said in a filing to the Bombay Stock Exchange (BSE).
ITC purchased 4.62% stake which amounts to over 17.9 million shares from Russell Credit through an off-market transaction on February 9, 2011. ITC which owns and runs various brands of hotels such as ITC Hotels, WelcomHotel Sheraton, Fortune Hotels and WlecomHeritage has been gradually increasing its stake in Krishnan Nair-promoted Hotel Leelaventure. The company also has 14.98% increase stake in the Oberois controlled hospitality firm EIH. The company's Chairman YC Deveshwar has said that ITC may increase stake in both EIH and Hotel Leelaventure if the prices are attractive.
Source
Commis II Indian - Jobs in India
ITC purchased 4.62% stake which amounts to over 17.9 million shares from Russell Credit through an off-market transaction on February 9, 2011. ITC which owns and runs various brands of hotels such as ITC Hotels, WelcomHotel Sheraton, Fortune Hotels and WlecomHeritage has been gradually increasing its stake in Krishnan Nair-promoted Hotel Leelaventure. The company also has 14.98% increase stake in the Oberois controlled hospitality firm EIH. The company's Chairman YC Deveshwar has said that ITC may increase stake in both EIH and Hotel Leelaventure if the prices are attractive.
Source
Commis II Indian - Jobs in India