Tata Group hospitality firm Indian Hotels CompanyBSE 2.13 % today said Tata Sons has raised its holding in the company by 1.78 percent to 29.79 percent pursuant to a rights issue.
Tata Sons earlier had 28.01 percent stake in the hospitality major.
“The mode of acquisition is allotment of shares pursuant to a rights issue,” Indian Hotels Company said in a regulatory filing.
Aggregate holding of other entities in the category promoter/ members of promoter group namely Sir Dorabji Tata Trust, Lady Tata Memorial Trust and Sir Ratan Tata Trust, has been reduced from 7.98 percent to 6.64 percent, it added.
These entities were restrained from subscribing to the rights issue on account of statutory restrictions, the filing said.
Shares of Indian Hotels Company declined 1.56 percent to close at Rs 110.45 apiece on the BSE.
Source: Economic Times