ITC relooking takeover issue with new rules
Contributors are not employed, compensated or governed by TD, opinions and statements are from the contributor directly
The old issue of ITC taking greater stake in rival EIL and Leela has once again come up, with chairman Yogi Deveshwar raising it at the 100th annual meeting of the company at Kolkata.But interestingly he has kept the controversy alive by saying that the company would look at the price before increasing or reducing the stake. He revealed that the ITC has funds of about INR 50 billion for such acquisitions. What may help the ambitions of the company is an upcoming new rule which allows up to 25% holding in another company, without attracting the takeover bid clause. At present, ITC has 14.98% stake in EIL, of The Oberoi group, and 12.96%in the Leela.
Comments are closed.