EIH stock jumps 6% on rights issue

Leading Indian hospitality chain EIH Ltd,which has been much in the news over the last six months about stake sales to Max India and Reliance Industries and the fight against FMCG major ITC,gained as much as 5.7 percent in early trades on Tuesday,after it said late on Monday it plans to consider a rights share issue on Sept. 23.

Earlier this month,energy major Reliance Industries,controlled by billionaire Mukesh Ambani,bought a 14.8 percent in the hotel chain.

AT 9:04 a.m. EIH shares were up 4.24 percent to 142.5 rupees in a firm Mumbai market.