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19-Aug2016

Indian Hotels advances on buzz to merge Taj GVK Hotel with itself

Indian Hotels is currently trading at Rs. 135.80, up by 3.75 points or 2.84% from its previous closing of Rs. 132.05 on the BSE.

The scrip opened at Rs. 131.20 and has touched a high and low of Rs. 139.95 and Rs. 130.80 respectively. So far 2,94,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 143.00 on 14-Jul-2016 and a 52 week low of Rs. 80.75 on 07-Sep-2015.

Last one week high and low of the scrip stood at Rs. 139.95 and Rs. 125.35 respectively. The current market cap of the company is Rs. 13,454.00 crore.

The promoters holding in the company stood at 38.65%, while Institutions and Non-Institutions held 39.86% and 21.48% respectively.

Indian Hotels is reportedly planning to merge Taj GVK Hotel & Resorts with itself as the GVK Reddy family wishes to exit the business. Indian Hotels, which currently holds around 25.5 percent in Taj GVK and Reddy family which holds about 50 percent stake, are in process of negotiating swap ratio for the merger. Taj GVK, which has debt of roughly Rs 362 crore on its books, will cease to exist as separate listed entity if the merger goes through.

Indian Hotels company and its subsidiaries are collectively known as Taj Hotels Resorts and Palaces and recognized as one of Asia's largest and finest hotel company. It operates in the luxury, premium, mid-market and value segments of the market.


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