ITC Increases Stake in EIH and HLV Ltd

In a strategic move, ITC has enhanced its stake in Oberoi Hotel's parent company, EIH Ltd, by acquiring an additional 2.44%. Prior to this acquisition, as of September 2024, ITC held a 13.69% stake in EIH, which has now increased to 16.13%. Furthermore, ITC has also picked up an additional 0.53% stake in HLV Ltd, the company behind The Leela Mumbai, elevating its stake in the company to 8.11%.

This strategic move comes in anticipation of the demerger of ITC Hotels from the parent group, scheduled for January 1, 2025. In a regulatory filing on Wednesday, ITC confirmed the acquisition, stating, "The company today has acquired 2.44% of the share capital of EIH Ltd and 0.53% of the share capital of HLV Ltd, from Russell Credit Ltd, a wholly-owned subsidiary of the company." Post these acquisitions, ITC's shareholding in EIH and HLV now stands at 16.13% and 8.11% of their paid-up share capital, respectively.