Indian Hotels board clears 80.1% stake acquisition in LEPPL

NEW DELHI: Tata Group firm Indian Hotels Company (IHCL) today said its board has approved the proposed acquisition of the remaining stake in Lands End Properties for a sum not exceeding Rs 17 crore.

"The Board of Directors of the company, at its meeting held on April 9, 2015, has accorded its approval to the proposed acquisition by the company of the balance 80.1 per cent equity stake in Lands End Properties Private Ltd (LEPPL), for an aggregate consideration not exceeding Rs 17 crore...," Indian Hotels Company Ltd (IHCL) said in a filing to BSE.

This will make LEPPL a 100 per cent subsidiary of the company, it added.

"Pursuant to the foregoing, ELEL Hotels & Investments Ltd, the licensee of the erstwhile hotel Sea Rock site, will become a subsidiary of the company, IHCL said.

Shares of Indian Hotels Company today traded at Rs 117.45 per scrip on the BSE in the afternoon trade, up 1.78 per cent from its previous close.