Ace investor Rakesh Jhunjhunwala increased stake in one of the Tata group hospitality stock-Indian Hotels. The stock is a multibagger with 1-year return at 163%, while the YTD return from the stock has been over 35%.
Big Bull of the Indian markets-Jhunjhunwala holds 1.11% stake in the company or 1,57,29,200 equity shares, up from the previous 1.08% stake as in the December ended quarter. In March, the company informed the stock exchanges that it has approved the allotment of 9,90,09,900 equity shares of face value Rs 1 each to eligible qualified institutional buyers at the issue price of Rs 202 per equity share and reflects a discount of Rs 1.48 on the floor price of Rs 203.48 per share. Through the QIP Indian Hotels managed to raise Rs 1,999 crore.
Also, his wife holds a stake of 1.01% as in the March ended quarter.
The Indian Hotels Company Limited is a holding company engaged in short-term accommodation activities, and restaurants and mobile food service activities. The company operates through brands including Taj, Ginger and Vivanta.
The scrip of the Tata Group stock in trade on April 21, 2022 settled at a price of Rs. 244.20 per share on the NSE.