Omega TC Holdings Pte Ltd, a Singapore-based company, plans to acquire a minority stake in Roots Corporation, a 100% subsidiary of Indian Hotels Company. Indian Hotels is India’s most well known hotel brand, with its flagship Taj group of hotels and also runs hotel chains under other brands –Gateway and Vivanta- to name a few. About 7 years ago, it had started a budget hotel chain under the Ginger brand, which is run by Roots Corporation.
Indian Hotels has sought shareholder permission to issue 3.6 crore shares and 4.8 crore warrants, convertible into equity shares, to its promoters. This will be through a preferential allotment process and the price will be decided as per the Sebi (Issue of Capital and Disclosure Requirements) Regulations, 2009.
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There has been a steady improvement in tourist arrivals in recent months, minimising the sharp decline that was visible earlier. In October 2009, tourist arrivals dipped by just 0.9% to 4.48 lakh numbers. This is much better than the 4.1% decline in September and 8.6% in August. Typically, the next few months will be the peak season for foreign tourist arrivals and a good season will bring relief to the tourism and travel industry.
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Hostile takeover bids are rare in India but its entrepreneurs are not loath to fight a pitched battle in international markets. The Tata group’s acquisition of a 10% stake in Orient-Express Hotels through Indian Hotels seems to be more than just an investment.