India, July 16 -- Tata Group's hospitality arm, Indian Hotels Company Ltd (IHCL), on Wednesday announced that it has acquired 3,30,043 equity shares in its wholly-owned subsidiary, ELEL Hotel and Investment Ltd, through a rights issue valued at over Rs 165 crore.
In a regulatory filing, IHCL stated that the shares were purchased at an issue price of Rs 5,000 per share, including a premium of Rs 4,990 per share, with a face value of Rs 10 each.
ELEL Hotel and Investment Ltd holds the leasehold rights for the Bandstand Bandra land parcel, where the upcoming Taj Bandstand hotel is set to be developed.
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