Indian Hotels, owner of the Taj Group of hotels, has acquired 2.25 million shares of the New York-listed Orient Express Hotels (OEH) for a price of USD 5.75 a share equaling to an aggregate amount of Rs 64.65 crore or USD 12.93 million.  

Orient Express Hotels owns several luxury resorts, tourist trains and cruises.

In a communiqué to market regulator, Indian Hotels said its subsidiary Samsara Properties, has raised USD 51 million loan from the UK branch of ICICI Bank, to part fund the share purchase.

According to reports it has been revealed that the interest on the ICICI loan will accrue on a daily basis at a rate of Libor plus 4% per annum.

Shares of Indian Hotels Company presently trading at Rs 56.40, marginally up compared to its previous close.

The scrip has made 52-week-high and low of Rs 122 and Rs 34 respectively.