Two days after the Mukesh Ambani-run RIL acquired a stake in EIH Ltd, a hospitality firm promoted by the Oberois, to fend off a possible hostile bid from ITC, Max India chairman Analjit Singh said today he was considering selling off his 4 per cent equity in EIH. (See: RIL acquires 14.12-% in Oberoi's EIH; thwarts ITC)
In a statement Singh said he had been in the process of exiting the EIH stake through a dialogue with PRS Oberoi.
EIH which operates hotels and resorts across India under the Oberoi and Trident brands had on Monday, said it had sold 14.12 per cent of the promoter's stake for Rs1,021 crore to RIL Ltd.
Meanwhile, in an unrelated developmentrr, In a filing with the stock exchanges today EIH said, RIL has since upped its stake from 14.12 per cent to 14.80 per cent, which has fuelled speculation that the stake could reach the 15 per cent threshold triggering an open offer.
Earlier this year, Singh had diluted his shareholding in EIH from 7 per cent to 4 per cent.
Industry observers say Singh's announcement does not seem to have anything to do with the latest RIL-EIH deal.