Reliance Industries raises stake in EIH

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Reliance Industries raises stake in EIH

Energy major Reliance Industries, controlled by billionaire Mukesh Ambani, has bought an additional 0.68% in EIH Ltd, raising its holding to 14.8% in the hotel chain.

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Energy major Reliance Industries , controlled by billionaire Mukesh Ambani, has bought an additional 0.68% in EIH Ltd, raising its holding to 14.8% in the hotel chain.

EIH said in a filing to the Bombay Stock Exchange the shares were bought from the market on Tuesday.

Reliance, India's top-listed conglomerate that is diversifying into new businesses, said on Monday it had bought 14.12% of EIH for USD 217.5 million.

At 1:26 p.m., Reliance shares were up 0.3% at Rs 939.3 in line with the Mumbai market. EIH shares were up 4.5% at Rs 150.2.