Reliance Industries Ltd (RIL), the country's largest company, said it bought a 14.21% stake in Oberoi Group company EIH Ltd for Rs1,021 crore.
RIL also said it has full faith in and would support the management of EIH and there is no change of management, operation or control of EIH.
RIL said its unit Reliance Industries Investment and Holding Pvt Ltd bought the stake from Oberoi Hotels Pvt Ltd and certain other promoters of EIH. EIH operates hotels and resorts under the Oberoi brand. The promoter and promoter group had a 46.43% in EIH prior to the deal.
On Monday, RIL shares declined 0.2% to Rs947, while EIH shares closed 11.5% higher at Rs150.7 on Bombay Stock Exchange, while the benchmark Sensex ended 0.2% up at 18,032 points.
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