The Indian Hotels Company Ltd (IHCL) announced on July 16, 2025, that it has acquired 3,30,043 equity shares of its wholly-owned subsidiary ELEL Hotels and Investment Ltd through a rights issue, for a total consideration of approximately ₹165 crore.
According to the regulatory filing, the shares were acquired at a price of ₹5,000 each (including a premium of ₹4,990 per share), fully paid-up, and the transaction was executed in cash. With this allotment, IHCL continues to hold 100% ownership in ELEL Hotels.
ELEL Hotels, incorporated in 1969, operates in the hospitality industry and holds the leasehold rights for the land parcel at Bandstand, Bandra, where the Taj Bandstand property is planned to be developed.
This move underlines IHCL’s commitment to strengthening its presence in Mumbai’s luxury hospitality segment and advancing the development of its flagship project at Bandstand. ELEL’s turnover in FY25 was modest at ₹0.0974 crore, with operations currently focused on maintaining the land and planning development.
IHCL clarified that this is a transaction between a holding company and its wholly-owned subsidiary and does not fall under related party transactions requiring approval.
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