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Indian Hotels Approves Merger of Associate Oriental Hotels

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Indian Hotels (NSE:INDHOTEL, BOM:500850) board approved a scheme to merge associate company Oriental Hotels into the company, subject to regulatory and shareholder approvals.

Under the proposed scheme, eligible Oriental Hotels shareholders will receive 25 Indian Hotels shares for every 117 Oriental Hotels shares held, according to an Indian bourse filing on Monday. Indian Hotels' existing stake in Oriental Hotels will be cancelled upon completion of the merger.

Indian Hotels and its subsidiaries hold 37.05% of Oriental Hotels, which operates a portfolio of seven hotels with 825 rooms.

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