ITC waiting for EIH rights offer

Kolkata: Diversified conglomerate ITC Limited, having 14.98% stake-holding in EIH with no management control, today said it is waiting for the offer of the rights issue proposed by the latter, reports PTI.

"Let the offer of the rights issue come. The decision will be taken by the board," chairman of the company Y C Deveshwar told reporters on the sidelines of a Confederation of Indian Industry (CII) national council meeting here today when asked whether ITC would subscribe to the EIH rights.

EIH, which runs the Oberoi and Trident group of hotel chains in India and overseas, had proposed to float a rights issue to raise Rs1,300 crore from the market.

Industry observers were of the view that there was no reason why ITC should not subscribe to the issue.

A chairman of a leading finance company told PTI that only if ITC felt that EIH is not valuable enough or faced a fund constraint, it would not subscribing to the rights issue.

However, "For ITC, both these reasons are not valid," he said.

Not subscribing the rights issue would also lower ITC's proportionate holding in EIH after the issue was over.

Mr Deveshwar, however, refused to comment on Reliance's entry into EIH as a stakeholder.

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Aqua Logistics subsidiary starts operations in Middle East

Aqua Logistics said its subsidiary in Sharjah and Jumeriah free trade zone has started operations in the Middle East market to provide integrated end-to-end supply chain services.

The company expects business of around Rs80 crore and profit of Rs6-Rs8 crore in next year from these operations.

On Wednesday, Aqua Logistics shares declined 3% to Rs56 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.7% to 20,543 points.

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Shree Renuka Sugars gets letter of intent to supply ethanol

Shree Renuka Sugars Ltd said it received letter of intent for supply of 118 million litres of ethanol from oil marketing companies.

The company would supply ethanol to Indian Oil Corp Ltd, Hindustan Petroleum Corp Ltd and Bharat Petroleum Corp Ltd in Karnataka, Andhra Pradesh, Kerala, Goa and Maharashtra for one year.

On Wednesday, Shree Renuka Sugars shares ended 0.4% up at Rs86 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.7% to 20,543 points.

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