Tata Sons Ltd has increased its stake in the Indian Hotels Company Ltd (IHCL) by about 4.78 per cent to 24.36 per cent. Tata Sons shelled out Rs 497.47 crore for increasing the stake in the company, which resulted in a hike in the share prices of the hotel firm. Tata Sons acquired ,80,00,000 shares in IHCL for a total sum of Rs 497.47 crore through preferential allotment on June 22 this year, according to a filing with the Bombay Stock Exchange (BSE).

Tata Sons owned a stake of 19.58 per cent stake in IHCL before the transaction. The IHCL and its subsidiaries are jointly known as Taj Hotels Resorts and Palaces. The Taj Hotels Resorts and Palaces operate 93 hotels in 55 locations across India and 16 international hotels in the Maldives, Malaysia, Australia, UK, USA, Bhutan, Sri Lanka, Africa and the Middle East.

The shares of the IHCL rose 4.5 per cent to touch an intraday high of Rs 61.50. It closed at Rs 60.70, up 3.14 per cent on the BSE. On the other hand, the shares of the company rose 3.14 per cent to Rs 60.80.