EIH shares surge after Reliance hikes stake

MUMBAI: Shares in Indian hospitality firm EIH rose as much as 15 percent on Saturday after a subsidiary of Reliance Industries bought an additional 3.73 percent stake for 1.92 billion rupees in an open market transaction.

The Bombay Stock Exchange was open on Saturday to test a new software.

Shares of EIH, owner of the Oberoi chain of hotels, rose to a session's high of 103.20 rupees per share in a flat Mumbai market following the stake sale.

Reliance Industries, which now owns 18.53 percent in the hospitality firm, bought shares from Gaylord Impex and Pivet Finances for 90 rupees each, data from the stock exchange showed.

As on Dec. 31, 2011, Reliance Industries had a 14.8 percent stake in the company.