Indian Hotels trades with traction on the bourses

The Indian Hotels Company is currently trading at Rs. 103.10, up by 3.10 points or 3.10% from its previous closing of Rs. 100.00 on the BSE. The scrip opened at Rs. 101.40 and has touched a high and low of Rs. 104.80 and Rs. 101.00 respectively. So far 286201 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 104.80 on 11-Jun-2014 and a 52 week low of Rs. 37.55 on 06-Aug-2013. Last one week high and low of the scrip stood at Rs. 104.80 and Rs. 94.40 respectively. The current market cap of the company is Rs. 8333.12 crore. The promoters holding in the company stood at 37.53% while Institutions and Non-Institutions held 38.40% and 24.04% respectively. Capital market regulator Securities Exchange Board of India (Sebi) has approved Indian Hotels Company’s proposal to raise up to Rs 1,000 crore from rights issue. The company plans to utilize the proceeds of the issue towards part funding of capital expenditure requirements for construction of Vivanta by Taj, Guwahati as well as for funding the renovation to be undertaken at some of the company's existing hotels. Tata group firm Indian Hotels Company, back in April, filed draft documents with Sebi for the rights issue. The regulator received the draft documents through lead manager J M Financial Institutional Securities on April 23 and issued its observations on June 2, which is considered as a clearance to the issuer to go ahead with the share issues through routes like IPOs, FPOs and rights issue. The Indian Hotels Company and its subsidiaries are collectively known as Taj Hotels Resorts and Palaces and is recognized as one of Asia's largest and finest hotel company. IHCL operate in the luxury, premium, mid-market and value segments of the market. Ginger (economy hotels) is IHCL’s revolutionary concept in hospitality. It currently comprises 105 hotels across India and 17 international hotels in the Maldives, Malaysia, Australia, UK, USA, Bhutan, Sri Lanka, Africa and the Middle East.