ITC Open to Raising Stake in EIH, Leela

Source from:  Times of India 08/01/2011

KOLKATA: Tobacco-to-hotels major ITC is open to buying more in EIH and Hotel Leela following the new takeover code, which allows corporates to buy up to 25% in another company without triggering the compulsory open offer. ITC chairman Y C Deveshawar told reporters after the annual general meeting (AGM) here that if the opportunity and price is good then it may buy more. He was replying to a query on whether the company will buy into these hotel companies once the takeover code is in place. ITC holds 14.98% in EIH while its stake in Hotel Leela is 12.96%. "The investment in EIH and Hotel Leela has given good appreciation. If the opportunity and price are good then we shall invest but that will be decided by our treasury team," he said. Enditem