Jupiter Asset Management hikes stake in EIH Associated Hotels

Jupiter Asset Management Ltd has increased its stake in EIH Associated Hotels (EIHAH) to 13.49 per cent from 11.04 per cent, according to a filing on the National Stock Exchange.

In a regulatory filing with the exchange, Oberoi Group-promoted company said Jupiter India Fund and Jupiter South Asia Investment have raised their total stake by buying over 4.80 lakh shares through open market purchase for about Rs 10.32 crore on February 4.

Jupiter Asset Management is the common investment manager of Jupiter India Fund and Jupiter South Asia Investment.

EIH officials told

Business Line as Jupiter is a foreign institutional investor, it would not like to comment on the matter. “The promoter group still holds 75 per cent stake in the company,” said a senior official.

Jupiter India Fund holds 8.51 per cent stake in the company as on December 31, 2010 through its trustee The Royal Bank of Scotland. Jupiter South Asia Investment holds 3.62 per cent stake in EIHAH.

With the fresh acquisition of shares Jupiter now holds 26.43 lakh shares in EIHAH, up from 21.52 lakh shares it held in the company earlier.

EIHAH runs the Trident brands of hotels, besides the Oberoi Rajvilas in Jaipur and Oberoi Cecil in Shimla.

EIHAH's shares closed down 9.98 per cent to Rs 158.25 on Bombay Stock Exchange on Tuesday.