Analjit Singh exits EIH in favour of RIL
03 Mar 2012
Investor Analjit Singh has exited East India Hotels (EIH), popularly known as the Oberoi group, by offloading his stake to Mukesh Ambani's Reliance Industries.
The holding of Reliance Industries Investment and Holdings, RIL's investment arm, in EIH has increased to 18.53 per cent from 14.80 per cent after it picked up Singh's stake through two open-market transactions.
Max India chairman Singh's firms Gaylord Impex and Pivet Finances offloaded their stakes in favour of Reliance Industries Investment and Holding Ltd. Gaylord had 1.54 per cent in EIH, while Pivet had 2.18 per cent.
In a filing to the Bombay Stock Exchange, said the shares were bought from the open market through bulk deals on Friday.
According to the filing, RIL bought nearly 2.1 crore shares for Rs90 a piece from Gaylord Impex and Pivet Finance, valuing the deal at Rs191.83 crore. Gaylord Impex sold 88.19 lakh share of the company, while Pivet Finances offloaded 1.24 crore shares.
The development comes shortly after the new SEBI takeover code has been announced, which allows companies to acquire up to 25 per cent in another firm without triggering a mandatory open offer for more shares.
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