Shares of India Tourism Development Corporation (ITDC) rallied 9 percent intraday on December 13 after the company board approved merger of Kumarakruppa Frontier Hotels with itself.
The stock rallied 52 percent in the last three months. It was quoting at Rs 340.10, up Rs 21.95, or 6.90 percent, on the BSE at 1510 hours IST.
"Board in its meeting on December 12 has accorded in principal approval regarding merger with ITDC of Kumarakruppa Frontier Hotels Private Limited, a government company under the Ministry of Tourism," company said in its BSE filing.
The government holds 90.09 percent shareholding in Kumarakruppa and 87.03 percent stake in ITDC.
"The approval of the board will be conveyed to the Ministry of Tourism for its consideration and onwards approval from DIPAM, Ministry of Finance/CCEA etc," ITDC said.
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