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EIH Ltd. Company History and Annual Growth Details

1949

- The Company was Incorporated on 26th May, at Calcutta. The Company
undertook Business of Hotel, restaurant, cafe, tavern, beer house,
refreshment room, lodging and house keeping. The Company was promoted
by Rai Bahadur M.S. Oberoi and Oberoi Hotels (India) Ltd., in May.

- The Company was built in collaboration with Intercontinental Hotels
Corporation, a wholly owned subsidiary of Pan American World Airways,
and was linked with Inter continental's vast and efficient sales net
work and was listed on its computerised reservation system known as
'PANAMAC'. It is also linked with American Express Space Bank, a world
wide computerised hotel booking system.

1956

- The Company took on lease the Maharaja's Palace in Srinagar and
converted it into the Oberoi Palace Hotel. This hotel provided the
main income for the Company till the end of 1964-65.

1966

- The Company entered into a collaboration agreement with Sheraton
International Inc., Boston, U.S.A., a wholly owned subsidiary of
International Telephones and Telegraphs. The collaboration agreement
was approved by Government in 1967-68.

1968

- By a scheme of merger approved by the Calcutta High Court, the
Associated Hotels of India Ltd., and Hotels Pvt. Ltd., were amalgamated
with the Company. By virtue of the amalgamation, the Company acquired
Oberoi Grand Hotel, Calcutta, Oberoi Mount Everst, Darjeeling, Oberoi
Maiden's, Delhi, Oberoi Cecil, Simla and Oberoi Palm Beach, Gopalpur
and a suitable plot of land at Chennai.

- Mercury Travels (India) Pvt. Ltd., with an issued and paid-up capital
of Rs 35 lakhs is a wholly owned subsidiary of the Company.

1973

- Upon the expiry of the collaboration agreement with Sheraton
International Inc., U.S.A., on 5th March, 1979, the name of this hotel
was changed from Oberoi Sheraton Hotel to Oberoi Towers Hotel.

1974

- The Company entered into an agreement with the Zanzibar Government
(East Africa) for providing technical and hotel operating services. An
agreement was concluded with the National Corporation of Zambia for
rendering operation services for a luxury hotel in Ndola. The Company
also finalised an agreement with Adayar Gate Hotels Ltd., Chennai for
rendering technical assistance and operating services for their five
star hotel under construction in Chennai.

1978

- Partly paid equity shares fully called up (Rs 2 per share during
1977-78 and the balance Rs 6 per share during 1978-79).

1981

- 13,37,745 bonus equity shares issued in prop. 1:5. 28,55,500 No. of
Equity shares then issued (prem. Rs 6 per share). 16,05,500 shares
offered as rights to resident Indian equity shareholders in prop. 1:5
(only 14,78,822 share taken up) and 13,76,678 shares (including
1,26,678 rights shares not taken up) offered to the public in Dec.
1979. 75,000-11% 'B' Pref. shares issued to financial institutions.
'B' pref. shares redeemable during 27.3.1992/95.

1984

- 15,00,000 No. of Equity shares issued at a premium of Rs 4 per share
on conversion of debentures on 30.10.1984. 49,53,131 bonus shares
issued in prop. 2:5 on 25.1.1985.

1985

- The Company issued 15% secured redeemable non-convertible debentures
for a total value of Rs 6 crores. During April 1986, another issue of
non-convertible debentures was made for a total value of Rs 15 crores.

1986

- A 10 year contract was given to the Company by the International
Airports Authority to operate all the snack bars and restaurants at the
domestic and International Terminals in Mumbai.

1987

- During Jan.-Feb., the Company offered 25,00,000 - 13.5% secured
redeemable convertible debentures of Rs 100 each to its equity
shareholders on rights basis in the proportion 2 debentures for every 7
equity shares held (all were taken up). Additional 6,25,000 debentures
were allotted to shareholders to retain over subscription.

- 1,25,000 - 13.5% convertible debentures were offered to the resident
Indian employees of the Company and other associate companies (only
8,780 debentures were taken up). The unsubscribed portion was allowed
to lapse.

- A portion of Rs 50 of each debenture was compulsorily converted into
2 equity shares of Rs 10 each at a premium of Rs 15 per share in
October. The non-convertible portion of Rs 50 of each debenture was to
be redeemed at par at the expiry of 7th year from the date of allotment
of the debentures.

1988

- The Company entered into a joint venture agreement with Accor of
France, which owns the Novotel Chain, for the construction and
development of medium priced hotels in India. Necessary Government
approvals were obtained and the joint venture company was registered as
'Indus Hotels Corporation Ltd.' (IHCL).

- The Company issued 15,00,000 - 14% non-convertible debentures of Rs
100 each aggregating Rs 15 crores to meet a part of the expenditure for
renovation, refurnishing and capacity improvement. Additional 2,25,000
debentures were allotted to retain over subscription. These debentures
were to be redeemed at a premium of 5% at the end of 7th year from the
date of allotment of debentures.

1990

- The Company offered 15,00,000 - 14% secured redeemable
non-convertible debentures of Rs 100 each on Rights basis in the
following proportion:

- (i) 20 debentures for 100 No. of equity shares held;

- (ii) 40 debentures for 1000 equity shares held;

- (iii) 50 debentures for 10,000 No. of equity shares held and

- (iv) for holders of more than 10,000 No. of equity shares, debentures
were to be allotted pro rata according to their respective shareholding
(fraction ignored). All debentures were taken up and additional
2,25,000 debentures were allotted to retain over-subscription. These
debentures are to be redeemed at a premium of Rs 5 per debenture on the
expiry of 7th year from the date of allotment.

1992

- 11% Pref. 'C' shares redeemed. 47,20,704 bonus equity shares issued
in prop. 1:5.

1993

- The Company offered 22,71,863 partly convertible debentures of Rs 150
each on Rights basis in the proportion 1 deb.: 10 No. of equity shares
held (all were taken up). Additional 3,39,790 debentures were allotted
to retain over subscription. Another 3,40,780 partly convertible
debentures were issued to the promoters and Company's associates on
preferential allotment basis (all were taken up).

- Rs 50 of the face value of each debenture was to be compulsorily
converted into 1 equity share of Rs 10 each at a premium of Rs 40 per
share on the expiry of 6 months from the date of allotment of
debentures. Accordingly 16,11,833 shares were allotted on 19.12.93.
Remaining Rs 100 of the face value of each debenture was to be redeemed
in 3 annual instalments of Rs 33, Rs 33 and Rs 34 commencing from the
6th year from the date of allotment of debentures.

- 11,35,932 - 15% non-Convertible debentures were issued on Rights
basis in the proportion of 1 deb.: 20 No. of equity shares held (all
were taken up). Each debentures is accompanied by a detachable
tradeable warrant, entitling the holder to apply for one equity share
of Rs 10 each at a premium of Rs 65 per share exerciseable during the
period after the expiry of 36 months but before the expiry of 60 months
from the date of allotment of non-Convertible debentures.

1994

- The Company formed a joint venture with Alfred Mc Alpine Construction
Major Projects Ltd., UK to provide construction and project management
expertise for new projects. The Company entered into a joint venture
arrangement to build an international golf course, a deluxe hotel and a
health resort in Bangalore.

- As per the terms of issue, 28,67,383 No. of Equity Shares were issued
on 17th October, at a price of Rs 438 per equity share. As a
consequence to this issue, the equity capital increased by Rs 28,674
million and the share premium account increased by Rs 1227.240 million.

- 28,67,428 No. of Equity shares issued as a consequence of GDR.

1995

- The Company proposed to set up a new joint venture company with
Eurest International, a subsidiary of Compass Group Plc. on a 50:50
basis. The company proposed to transfer the existing airline catering
and airport operations to the new company.

- The Company proposed to issue bonus equity share in the ratio of 1:2
to existing shareholders.

1996

- 11,25,114 No. of Equity shares of Rs 10 each (premium Rs 65 per
share) allotted against detachable warrants which were issued alongwith
16% Rights non-Convertible debentures of Rs 100 each issued in 1993.
Another, 1,74,64,299 bonus shares issued in propn. 1:2.

- The name of the Company was changed from the East India Hotels Ltd.
to 'EIH Ltd.' with effect from 1st November.

1997

- EIH Ltd, is setting up a joint venture with Goel International Hotels
and Resorts Ltd for a new hotel in Agra.

- EIH set up a joint venture with Hong Kong-based CCA International for
developing, marketing and managing private clubs and resorts in the
country.

- The entire expansion plan will be through EIH, its 100 per cent
subsidiary, EIH international Ltd, and joint ventures with various
partners.

1998

- Mercury Travels Ltd, a wholly-owned subsidiary of EIH Ltd,
established a subsidiary in Germany called Vision Travels GmbH during
the year.

- Mashobra Resort Ltd, a joint venture with the government of Himachal
Pradesh, and Rajgarh Palace Hotels and Resorts Ltd, a joint venture
with the government of Madhya Pradesh, have become subsidiaries of the
company.

- EIH Ltd owns and manages hotels under the Oberoi and Trident brand.
The FAAA rating assigned by the Credit Rating Information Services of
India (Crisil) to the fixed deposit programme has been reaffirmed.

1999

- EIH Ltd has unveiled plans of opening four new hotels in the new
millennium.

2000

- The Company has established direct V-SAT connectivity with National
Securities Depository Limited and Central Depository Services (India)
Limited.

- The Company has recommended introduction of an employee stock option
programme.

- Hotel major EIH Ltd has entered into an agreement with Sukhvinder
Singh Badal, son of The Punjab Chief Minister Prakash Singh Badal, for
the running of a luxury hotel to be set up at Gurgaon, near New Delhi.

- Oberoi Kerala Hotels and Resorts Limited, a Joint Venture with
Government of Kerala has become a subsidiary of the company.

- EIH Ltd stated that ITC's investment companies have picked up
6,05,704 shares, indicating that these companies have continued to buy
and sell in EIH stock despite the uncomfortable revelation of such
buying some months ago.

2001

- EIH, which owns and operates the Oberoi hotels, has reduced its staff
strength by 465 across its properties in Mumbai, Delhi and Calcutta.

- EIH, A member of the Oberoi group, on October 29 reported 79.13 per
cent decline in net profit at Rs 1.73 crore during the second quarter
of current financial year.

2002

- P R S Oberoi reappointed as Managing Director on the Board of EIH.

-EIH Ltd has informed that the following changes in the management structure of the Company:

Mr Rai Bahadur M.S Oberoi, Mr B K Nehru, Mr P Majumdar expired and ceased to be Directors. Mr S K Saha ceased to be Director by resignation. Mr S. M. Dahanukar did not seek reappointment on his retirement of Directors by rotation.The list of Directors as on date:
Mr P R S Oberoi,Mr S S Mukherji,Field Marshal Sam Manekshaw,Mr Vikram Oberoi,Mr Arjun Oberoi and Mr S K Dasgupta.

-P Majumdar ceases to be a Director of EIH Associated Hotels.

-EIH Ltd has informed following changes in management structure.Appointment of Additional Directors:Mr Nusli N Wadia, Mr Rajan Raheja, Mr Christopher Reeves.Mr P R S Oberoi who was the vice Chairman and Managing Director of the Company has been appointed as the Chairman in the Wholetime employment of the Company w e f June 27, 2002.Mr S S Mukherji who was the Deputy Managing Director of the Company has been appointed as the Managing Director of the Company w e f June 27, 2002.

2003

-EIH Ltd relocates Investors Service Division, which has shifted from Kishore Bhavan, 17 R N
Mukherjee Road, Kolkota-700001 to the company's registered office at 4 Mangoe lane,
6th floor, Kolkota. -700001.

-EIH Ltd has floated its voluntary retirement scheme to its employees at Oberoi Grand Hotel,
Kolkota.

-EIH in alliance with Indian Railways mulls to launch luxury trains.

-Hilton International Co & EIH Ltd announce a strategic alliance for co-branding hotels in India under the Trident Hilton brand

- Gujarat Gas signs an agreement with Garden Silk Mills.

2004

-EIH Ltd and Hilton International on April 2 launched a strategic alliance that saw seven Trident hotels being renamed as Trident Hilton. In addition, the Oberoi Towers in Mumbai will now be called the Hilton Towers.

2005

 
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