Tata Group's hospitality arm, Indian Hotels, has increased its stake in luxury hotel chain operator, Orient Express, to 9.7% after its subsidiary, Samsara Properties, agreed to purchase an aggregate of 2,250,000 shares at a price of US$5.75 per share or approximately US$12.93 million.
Indian Hotels previously held an 11.5% stake in Orient; however, this dipped to 9.57% after a fresh issue of shares by the hotel operator.
According to Indian Hotels, the acquisition, funded by a loan from ICICI Bank UK PLC, will allow them to remain a significant shareholder.
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