Indian Hotels acquires 10.01% stake in Orient-Express Hotels Ltd

Indian Hotels Company Ltd has announced that the Board of Directors of the Company at its meeting held on September 17, 2007, has ratified an investment of USD 211.28 million made by Samsara Properties Ltd, a 100% off shore subsidiary of the Company, towards acquisition of 10.01% shares in Orient-Express Hotels Ltd, a Company listed on the New York Stock Exchange.

The investment creates a platform for the Company to seriously explore the possibility of an alliance between the Company and Orient-Express Hotels Ltd. Such an alliance will be complementary to both organisations and of mutual benefit. To achieve this purpose, friendly and constructive discussions between the two Companies are expected to take place soon.

Appropriate disclosure of this investment is being concurrently filed with the Securities Exchange Commission, USA.

The Indian Hotels stock was trading at Rs.131.25, up by Rs.1.60 or 1.23%. The stock hit an intraday high of Rs.136 and low of Rs.130.50. The total traded quantity was 367762 compared to 2 week average of 256105.

Source : Equity Bulls

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