EIH Limited is trading higher by 3% at Rs 81.35 extending its previous day’s around 4% gain after ITC raised its stake in the Oberoi Group Company by 1% through an open market transaction.
ITC has purchased 5.73 million shares representing 1% stake at Rs 73 a share through its subsidiary, Russel Credit, at a total cost of Rs 41.89 crore, according to bulk data information filed with the stock exchanges. With this acquisition, ITC’s stake in EIH goes up to 15.89 %.
ITC has bought these shares from HSBC Bank (Mauritius), which sold 5.74 million shares for Rs 41.93 crore.
The stock of EIH has opened at Rs 81.50 and touched high of Rs 83.25 on the NSE. A combined 285,808 shares have changed hands on the counter so far.