Indian Hotels Company today announced that its board has approved of an investment not exceeding Rs 510 million for acquiring an incremental equity stake in Piem Hotels, an unlisted associate company of The Indian Hotels (Q,N,C,F) Company, either directly or through its wholly-owned subsidiary.

Indian Hotels Company has posted growth of 56.79% in its Q4FY11 net profit at Rs 939.30 million as compared to Rs 599.10 million for the quarter ended Mar. 31, 2010. 

Total income has increased by 20.91% from Rs 4,518.30 million for Q4FY10 to Rs 5,463 million for Q4FY11. 

The company board has recommended a dividend of Rs 1 a share of Rs 1 each fully paid up of the company (previous year Rs 1 a share of Rs 1 each fully paid up). Accordingly, the dividend payable on one equity share of Rs 1 each fully paid up will amount of Rs 1 and the dividend payable on 100 equity shares of Rs 1 each fully paid up will amount to Rs 100.

The investment will help the company consolidate its position in the hospitality business. 

With the acquisition of this stake, the company, together with its wholly-owned subsidiary will hold the majority shareholding of Piem Hotels. 

Piem Hotels Ltd is the business of owning and operating hotels and owns the hotels under The Gateway Hotel brand in Nashik & Agra and hotels under the Vivanta by Taj brand in Pune, Lucknow, Mumbai & Bangalore. 

Shares of the company gained Rs 0.2, or 0.25%, to settle at Rs 78.95. The total volume of shares traded was 53,925 at the BSE.

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