Asian Hotels (West) today listed at INR 242 on the Bombay Stock Exchange.
Within the minutes of trade, the scrip soared to an early high of INR499 on the Bombay Stock Exchange.
Pursuant to the scheme of arrangement between Asian Hotels (North) and Asian Hotels (West), the company has listed 1.14 crore shares on the bourses.
Asian Hotels is now called Asian Hotels (North) and Vardhman Hotels is now known as Asian Hotels (East).
The Mumbai operations were then demerged and the name of the company was changed to Asian Hotels (West) from February 12, 2010.
The three promoters of Asian Hotels – Sushil Gupta, Shiv Jatia and Umesh Saraf brought the Hyatt hospitality brand in India.
On the National Stock Exchange, shares of Asian Hotels (West) rallied to hit an early high of INR498 after listing at INR206.65.
Asian Hotels (West) will use the proceeds to develop a Clarion Hotel in Pune and to part finance the setting up of a high-end hotel in Delhi along with its partner Marriott International.
On the volume front total 7.91 lakh shares were traded on the bourses in the morning trade.
