Shares of Indian Hotels climbed 2.6 percent intraday Wednesday after Anil Dhirubhai Ambani Group-owned fund house raised stake in the Tata's group company.
"Expanding its exposure to the hospitality sector, Reliance MF has increased stake in Indian Hotels Company to 8 percent through multiple share purchases over the recent months," a media report said quoting unnamed sources.
As per the latest shareholding pattern available on exchanges, Reliance MF has 5.75 percent stake in the company through two separate funds as of September 2015.
Other major shareholders in the company include LIC (10.24 percent stake), Government Pension Fund Global (3.69 percent stake), Franklin Templeton Investment Funds (1.69 percent stake), General Insurance Corporation of India (1.56 percent stake), New India Assurance (1.42 percent stake) and ICICI Prudential Life Insurance (1.16 percent stake).
Promoter Tata group held 37.53 percent equity stake in the company that operates Taj Group of hotels. It has capacity of around 16,000 rooms across 133 properties. Its occupancies improved to 58 percent in April-September period of FY16 against 54 percent in year-ago period.
At 11:22 hours IST, the scrip of Indian Hotels Company was quoting at Rs 115.65, up Rs 1.65, or 1.45 percent on the BSE.
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