ITC Ltd.

ITC, which has a 14.98 per cent stake in EIH Ltd — the company that runs the Oberoi chain of hotels — is planning to subscribe to the upcoming EIH rights issue. This ends speculation that it might pull out after Reliance Industries Ltd (RIL) picked up a stake in EIH.

Last month, RIL acquired a 14.1 per cent stake in the hotel chain for $217.5 million from its promoters, marking its entry into the hospitality sector for the first time. Earlier, Oberoi had roped in Max India Chairman Analjit Singh to buy 17 per cent stake in the hotel chain from the promoters for around Rs 1,250 crore, but the deal did not fructify.

The stake of the Oberoi family has fallen from 46.43 per cent to 32 per cent after the RIL deal. But ITC has repeatedly pointed out that the group was not interested in taking over the company and that it was only an investment.