IHCL Acquires 100% Stake in ELEL Hotels and Investment Limited for INR 100.83 Crores

The Indian Hotels Company Limited (IHCL) has acquired 100.8295 crores worth of equity shares in its Wholly-Owned Subsidiary, ELEL Hotels and Investment Limited. The acquisition was done through a rights issue at a premium of INR 4,990 per equity share, amounting to INR 100.82,95,000. ELEL holds the leasehold rights for the land parcel at Bandstand Bandra, under which Taj Bandstand is proposed to be developed. ELEL has its presence only in India and has reported a turnover of INR 20.1657 crores in FY 2022-2023.