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Reliance MF Ups Stake in Indian Hotels; Shares Jump Nearly 3%

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Reliance MF Ups Stake in Indian Hotels; Shares Jump Nearly 3%
Shares of Indian Hotels which runs five-star hotel chain Taj Hotels Resorts and Palaces jumped as much as 2.6 per cent to hit high of Rs 117 after Reliance Mutual Fund hiked stake in Tata Group firm Indian Hotels to nearly 8 per cent.

Expanding its exposure to the hospitality sector, Reliance MF has now increased stake in Indian Hotels Company to 8 per cent through multiple share purchases over the recent months, sources close to the fund house said.

As per the latest available shareholding pattern of Indian Hotels on the BSE website, Reliance MF held a 5.42 per cent stake in the company through two separate funds as on September 30, 2015. The total stake of the fund house has now reached near 8 per cent which is a financial investment made by a mutual fund, sources added.

Other major investors in the company include LIC, Franklin Templeton, as also multiple insurers such as General Insurance Corporation of India, New India Assurance and ICICI Prudential Life Insurance.

As of 9:56 a.m., shares of Indian Hotels traded 2.15 per cent higher at Rs 116.45 outperforming the Nifty which was down 0.05 per cent.
 


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