Shares of EIH Ltd on Monday rose over eight per cent on the
Bombay Stock Exchange (BSE), bolstered by market regulator Securities and Exchange Board of India (Sebi) approval of rights issue of the Oberois-promoted company.
Heavy buying lifted shares of the company, which surged 8.02 per cent to an early high of Rs 121.90 on the BSE. A similar uptrend was seen on the National Stock Exchange, where the stock was trading higher by 7.92 per cent to a high of Rs 121.90.
Market watchdog Sebi has approved the Rs 1,300-crore rights issue, which presents an opportunity for both RIL and ITC to increase their stake beyond 15 per cent, which according to the takeover norms, will trigger the mandatory open offer.
RIL holds 14.80 per cent stake in EIH, while ITC has 14.98 per cent stake in the Oberoi group firm.
Meanwhile, the broader market bellwether Sensex was trading at 19,766.66, up 98.19 points at 10.58 am.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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