Home / Opinion / Online-views /  EIH zooms over 14% on rights issue plan

Mumbai: Oberoi group company EIH Associated Hotels on Monday surged over 14% in early trade on the bourses, after it announced plans of considering a rights issue for raising funds.

In a regulatory filing, the company said its board of directors will meet on 28 March 2012 to consider “raising of equity share capital through issuance of equity shares, on rights basis, to the existing equity shareholders".

Similar trend was witnessed on the National Stock Exchange as well, where the stock after opening at Rs164, jumped 14.19% to a high of Rs173.75. It was trading at Rs171.10, up 12.45% at 1041 hours on the bourse .

In the proposed meeting, the board will also consider amalgamation of EIH Associated’s wholly owned subsidiary, Island Hotel Maharaj Ltd with the company, the filing added.

The company owns, manages and operates five star hotels in major tourist destinations in India. EIH Associated Hotels is an associate company of EIH Ltd, the flagship company of the Oberoi group.

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