ICRA has placed the ‘AA’ (stable) rating outstanding on the Rs 2,000 crore Non-convertible Debenture Programme and ‘A1+’ rating outstanding on Rs 450 crore commercial paper programme of Indian Hotel Company (IHCL) on ‘rating watch’ with developing implications.
The ratings have been placed under watch following the recent announcement by IHCL regarding its proposal for acquiring the remaining 93.1% stake in NYSE listed ‘Orient Express Hotels (OEHL)’ at $12.63 per share. IHCL already owns 6.9% stake in OEHL. Further, the rating agency now awaits further details on the proposed acquisition and would continue to monitor the developments to assess its impact on the credit profile of IHCL.
Indian Hotels Company and its subsidiaries are collectively known as Taj Hotels Resorts and Palaces. The Taj Hotels Resorts and Palaces currently has 93 hotels in 55 locations across India with an additional 16 international hotels in the Maldives, Malaysia, Australia, UK, USA, Bhutan, Sri Lanka, Africa and the Middle East.
