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Indian Hotels invests over Rs 100 crore in wholly-owned unit ELEL Hotels via rights issue
IHCL subscribed to 2,01,659 equity shares of ELEL, each with a face value of Rs 10 and an issue price of Rs 5,000 per share, including a premium of Rs 4,990 per share
IHCL infuses Rs 101 crore in subsidiary ELEL Hotels via rights issue
Tata Group-backed Indian Hotels Company Limited (IHCL) has invested Rs 100.83 crore in its wholly owned subsidiary, ELEL Hotels and Investment Limited, through a rights issue.
The company subscribed to 2,01,659 equity shares of ELEL, each with a face value of Rs 10 and an issue price of Rs 5,000 per share, including a premium of Rs 4,990 per share.
The transaction was carried out through a rights issue of equity shares of ELEL, which is already a wholly owned subsidiary of IHCL. As such, transactions between IHCL and ELEL are exempt from related-party transaction norms, since ELEL's accounts are consolidated with the parent company.
ELEL Hotels, incorporated in July 1969, holds the leasehold rights for the Bandstand, Bandra land parcel, where the proposed Taj Bandstand project is set to come up.
ELEL has minimal revenues, reporting a turnover of Rs 9.74 lakh in FY25, down from Rs 17.7 lakh in FY24 and Rs 16.6 lakh in FY23. The subsidiary operates solely within India.
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