New Delhi: Tata Group hospitality firm Indian Hotels Company on Wednesday said Tata Sons has raised its holding in the company by 1.78 per cent (worth Rs 195 Crore) to 29.79 per cent pursuant to a rights issue. Tata Sons earlier had 28.01 per cent stake in the hospitality major.
"The mode of acquisition is allotment of shares pursuant to a rights issue," Indian Hotels Company said in a regulatory filing. Aggregate holding of other entities in the category promoter/ members of promoter group namely Sir Dorabji Tata Trust, Lady Tata Memorial Trust and Sir Ratan Tata Trust, has been reduced from 7.98 per cent to 6.64 per cent, it added. These entities were restrained from subscribing to the rights issue on account of statutory restrictions, the filing said. Shares of Indian Hotels Company declined 1.56 per cent to close at Rs 110.45 apiece on the BSE.