Max India’s Analjit Singh is poised to become the biggest shareholder in EIH and join the founding Oberoi family as co-promoter and vice-chairman of
The Oberoi family, which owns 43% in EIH, will sell a little over 17% to Mr Singh for up to Rs 1,250 crore, valuing the company at more than Rs 7,200 crore. Along with Mr Singh’s shareholding through purchases in the open market, his stake will rise to 26%. Mr Singh and EIH chairman PRS Oberoi have already signed a non-disclosure pact, with due diligence for a final deal currently under way. ITC, which owns a shade under the 15% may trigger an open offer if more purchases are made. Once a deal is finalised, Mr Singh will make the mandatory open offer for an additional 20% stake at a price expected to be between Rs 165 and Rs 185 per share. Government-run insurers LIC, New India Assurance and GIC together own a little over 10% in EIH while Reliance Capital's holding is a shade over 2%. The move to rope in Mr Singh as co-promoter is aimed at blocking any potential hostile bid from a domestic or foreign company.
Mr Singh recently joined hands with EIH to set up a 100-room five-star hotel in Dehradun under the Trident brand. The deal, another executive close to EIH said, is a “natural extension of the relationship”. Officials said Mr Singh is buying the stake in his personal capacity and his flagship company Max India is not participating in the transaction.crackcrack
| Company Name | CMP |
|---|---|
| Max Financial | 1173.80 |
| Delphi World Money | 221.85 |
| Anand Rathi Wealth | 4008.15 |
| Prudent Corporate | 2903.30 |
| Nuvama Wealth | 6482.45 |
| View more.. | |
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Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
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The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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