The Tatas have increased their holding in Indian Resort Hotels to 52 per cent from 45.04 per cent through the buyback offer. The group invested Rs 3.96 crore to buy back 5.66 lakh shares at Rs 70 a share.

In Indian Resort Hotels, the Tatas hold their stake through Tata Sons, Ewart Investments, Tata Investment Corporation, Tata Industries, Bambino Investment & Trading Company, The Indian Hotels Company and Taj Holdings. Indian Resort Hotels owns the Fort Aguada beach resort in Goa.

Prior to the buyback, financial institutions, insurance companies together held 20.91 per cent in the company. However, their holdings reduced, following the buyback to 13.97 per cent.

At present, non resident shareholders hold 0.05 per cent, foreign institutional investors at 0.26 per cent and the balance is held by the public.

The Taj group of hotels as part of its restructuring has decided to bring down the number of group hotel companies to around 28 from 54 over the next two years.

In the first phase, the group intends to lower the number of hotels to 38 and during the second phase the number would finally come down to 28.

It has set up several operating arms under Indian Hotels due to complex nature of funding hotel projects.