Tatas get fresh dividend payout from Orient-Express
Indian conglomerate Tata group's hospitality business arm Indian Hotels has received a fresh dividend payout over Rs 57 lakh for its 11.5 per cent stake in luxury hotel chain Orient-Express (OEH).
By PTI |
NEW YORK: Indian conglomerate Tata group's hospitality business arm Indian Hotels has received a fresh dividend payout over Rs 57 lakh for its 11.5 per cent stake in luxury hotel chain Orient-Express (OEH).
The Board of Directors of Orient-Express Hotels Ltd today declared a quarterly cash dividend of 0.025 per share on the Company's Class A common shares. The dividend would be paid on November 4 to shareholders registered as on October 17, a company statement said.
Indian Hotels, which holds a 11.5 per cent stake in OEH, is estimated to get USD 122,019 (about Rs 57.58 lakh) as its share in the dividend payout.
Besides the dividend payout, the current holding of Indian Hotels in OEH is currently estimated to be worth about USD 270 million (over Rs 1,200 crore).
OEH has announced five cash dividends of 0.025 dollars per share each since October last year-first on October 5, 2007, then on January 4 and in April and July this year.
In December last year, Indian Hotels had disclosed having raised its stake from 10 per cent to 11.5 per cent in OEH through open market purchases between September 17 and December 7.
While the 10 per cent stake had cost Tatas USD 211.3 million, further 1.5 per cent equity was acquired for USD 35.7 million.
While disclosing its 11.5 per cent holding, Tatas also made an alliance offer to OEH, which was rejected vehemently by the management of the luxury hotel chain.
The Board of Directors of Orient-Express Hotels Ltd today declared a quarterly cash dividend of 0.025 per share on the Company's Class A common shares. The dividend would be paid on November 4 to shareholders registered as on October 17, a company statement said.
Indian Hotels, which holds a 11.5 per cent stake in OEH, is estimated to get USD 122,019 (about Rs 57.58 lakh) as its share in the dividend payout.
Besides the dividend payout, the current holding of Indian Hotels in OEH is currently estimated to be worth about USD 270 million (over Rs 1,200 crore).
OEH has announced five cash dividends of 0.025 dollars per share each since October last year-first on October 5, 2007, then on January 4 and in April and July this year.
In December last year, Indian Hotels had disclosed having raised its stake from 10 per cent to 11.5 per cent in OEH through open market purchases between September 17 and December 7.
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While the 10 per cent stake had cost Tatas USD 211.3 million, further 1.5 per cent equity was acquired for USD 35.7 million.
While disclosing its 11.5 per cent holding, Tatas also made an alliance offer to OEH, which was rejected vehemently by the management of the luxury hotel chain.
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