Analjit Singh hikes stake in East India Hotels
Analjit Singh has taken an additional 1% stake in EIH Ltd. (East India Hotels, part of the Oberoi Group), via his investment arm – Pivet Finance. The cost works out to around Rs.45 crore (36.08 lakh shares @ Rs.124.85 / share), and takes his overall holding to around 2% with this purchase.
Major shareholders in the company are the promoters – The Oberois with 46.41%, followed by Russell Credit (an ITC subsidiary) - 14.95%, LIC with 6.53% and Gaylord Impex, GIC, HSBC, New India Assurance and Sonata Investments each hold less than 2% stake.
The hotel industry is not in the best of shape, especially after the Mumbai terror attacks, and prices of several stocks have been beaten down, presenting an attractive opportunity to pickup some at cheap valuations.
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