EIH Associated rises 6% on rights issue | business | Hindustan Times
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EIH Associated rises 6% on rights issue

EIH Associated Hotels, a part of the Oberoi group, on Monday jumped 14% intra-day on the bourses before closing at Rs 161.7, or up by 6.3%, after it announced its plans for a rights issue to raise funds.

business Updated: Mar 26, 2012 23:20 IST
HT Correspondent

EIH Associated Hotels, a part of the Oberoi group, on Monday jumped 14% intra-day on the bourses before closing at Rs 161.7, or up by 6.3%, after it announced its plans for a rights issue to raise funds.

On Friday, after the market hours the company in a statement to BSE said a board meeting would take place on Wednesday to consider, "raising of equity share capital through issuance of equity shares, on rights basis, to the existing equity shareholders of the company".

The company would also consider amalgamation of its wholly-owned subsidiary Island Hotel Maharaja with itself. Prominent real estate player Raheja group along with EIH (Oberoi family) are the main promoters of EIH Associates.