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Indian Hotels Company Ltd (IHCL), part of the Tata Group, has invested over INR 165 crore in its subsidiary ELEL Hotel and Investment Ltd to support the development of the upcoming Taj Bandstand hotel in Mumbai. The capital infusion involved acquiring more than 3.3 lakh equity shares through a rights issue, with each share priced at INR 5,000. ELEL holds leasehold rights to the iconic Bandstand land parcel in Bandra, where the new luxury property will be built. This move highlights IHCL's focus on expanding its premium hotel footprint in major cities and reinforces its long-term commitment to luxury hospitality in top-tier urban locations.
Indian Hotels Company Ltd (IHCL), a flagship hospitality entity of the Tata Group, recently confirmed a substantial capital infusion into its wholly-owned subsidiary, ELEL Hotel and Investment Ltd. The move involves the acquisition of over 3.3 lakh equity shares, amounting to an investment exceeding INR 165 crore. Advertisement
The regulatory filing by IHCL clarified that ELEL Hotel and Investment Ltd holds the vital leasehold rights for a land parcel situated at Bandstand, Bandra, a prime and iconic location in Mumbai. This specific land is designated for the development of the highly anticipated Taj Bandstand hotel, marking a significant addition to Mumbai's luxury hospitality landscape.
The investment was facilitated through a rights issue, wherein IHCL acquired 3,30,043 equity shares. Each share, with a face value of INR 10, was acquired at an issue price of INR 5,000 per share. This transaction included a premium of INR 4,990 per equity share, bringing the total aggregate investment to INR 165.02 crore.
This financial maneuver underscores IHCL's strategic focus on expanding its premium and luxury hotel portfolio in key urban centers. The development of a Taj property in a prestigious locale like Bandstand is a testament to the company's long-term vision for growth and its commitment to offering unparalleled hospitality experiences in one of Mumbai's most sought-after neighborhoods.
Source- PTI
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