Tata Sons mulls buying 6.64% IHCL shares from promoter cos

Indian Hotels Company Ltd (IHCL) on Tuesday said Tata Sons will be acquiring up to 6.64 per cent shares of the company from three promoter entities as part of restructuring the investment portfolio.

Tata Sons will be acquiring shares from Sir Dorabji Tata Trust, Lady Tata Memorial Trust and Sir Ratan Tata Trust, according to a regulatory filing by Indian Hotels Company Ltd to BSE.

While the maximum number of shares up to which acquisitions may be made from Sir Dorabji Tata Trust is up to 50,221,040. It is up to 17,728,200 from Lady Tata Memorial Trust and up to 11,023,220 from Sir Ratan Tata Trust, it added.

The rationale of the proposed transfer is “restructuring of the investment portfolio," the filing said.

The shares are proposed to be acquired at or around the prevailing price on date of proposed acquisition that is on or before March1 13, 2018, it added.

Shares of Indian Hotels Company Ltd on Tuesday closed at Rs 133.75 per scrip on BSE, down 0.30 per cent from its previous close.