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.

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.

HT Image

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.