Reliance Industries (RIL) and the Oberoi family have decided to buy the unsubscribed portion of a INR1300-crore rights issue and increase their share holding in East India Hotels (EIH), according to reports.
The move was approved by the board earlier today. EIH will also form a committee to decide on the rights issue price and other formalities.
The Oberois now hold 32%, a drop from an earlier 46.43% in August after RIL bought a 14.8% stake in EIH.
 ITC, which holds 14.8%, has, until now, not expressed any interest in raising its stake. Analjit Singh, who controls 4%, is believed to be looking to sell his share.
