ITC Acquires 2.44% in EIH and 0.53% in Leela Hospitality Chains

20 Dec 2024 CW Team

ITC, which plans to demerge its hotels business from January 2025, announced that it has acquired shares in rival hospitality chains Oberoi and Leela through its wholly-owned arm, Russell Credit. The company stated in a regulatory filing that it had acquired 2.44 per cent of the share capital (comprising Rs 10.52 million equity shares of Rs 2 each) of EIH and 0.53 per cent of the share capital (comprising 34.60 lakh equity shares of Rs 2 each) of HLV from RCL.

Following the acquisition, ITC's shareholding in EIH and HLV now totals 16.13 per cent and 8.11 per cent of their respective paid-up share capital, it added.

The company clarified that the acquisition was carried out at book value in RCL's records. Additionally, ITC's board had approved, on October 24, the consolidation of the shareholding of EIH and HLV under ITC.

EIH is known for managing premium luxury hotels and cruisers under the 'Oberoi' and 'Trident' brands, while HLV operates The Leela Mumbai.

In a separate filing, ITC also informed that it, along with ITC Hotels (ITCHL), had mutually agreed to set January 6, 2025, as the record date to determine which shareholders would receive equity shares of ITCHL.

ITC confirmed that all conditions for the demerger of its hotel business had been met, with the scheme set to take effect from January 1, 2025. The company had already received regulatory approvals, including from the National Company Law Tribunal (NCLT) on October 4, which sanctioned the scheme between ITC and ITC Hotels.

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