Breaking News: EIH Jumps 17 points up on news of hike in stake of Analjit Singh

Reports from various sources have suggested that a deal is to be sealed within the first half of the next month, which will increase Analjit Singh's stake in EIH, to a little more than 26%.

Analjit Singh's current business in the Max India group entails interests in:

- Healthcare

- Insurance

- Clinical Research

- Specialty Plastic Products

- Healthcare staffing businesses etc.

The non-disclosure pact signed between Analjit Singh and EIH has already made clear that the final deal will soon be out. If all goes fine with this deal, Analjit Singh and the Oberoi family together shall hold over 52% stake in EIH

Analjit Singh and EIH chairman PRS Oberoi have already signed a non-disclosure pact, with due diligence for a final deal currently under way, reports added. Post the development, Analjit Singh and the Oberoi family would together hold a 52% stake in EIH.

The Oberoi family has gone ahead with diluting its stake in EIH to avoid a potential hostile takeover from ITC, which already holds 14.98% stake in EIH. It is further reported that Analjit's buying of stake is independent of his association with Max India.

EIH's Q2 Sep 09 results are scheduled to be announced on 28th Oct 09. In the previous quarter, EIH has reported a 49.9% fall in net profit, as against the corresponding net profit in Q1 June 08.