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History of EIH Ltd.

1949

- The Comp. was Incorporated on 26th May, at Calcutta. The Company undertook Business of Hotel, restaurant, cafe, tavern, beer house, refreshment room, lodging & house keeping. The Comp. was promoted by Rai Bahadur M.S. Oberoi & Oberoi Hotels [Indias] Ltd., in May.

- The Comp. was built in collaboration with Intercontinental Hotels Corporation, a wholly owned subsidiary of Pan American World Airways, and was linked with Inter continental vast & efficient sales net work & was listed on its computerised reservation system known as `PANAMAC'. It is also linked with American Express Space Bank, a world wide computerised hotel booking system.

1956

- The Comp. took on lease the Maharaja Palace in Srinagar and converted it into the Oberoi Palace Hotel. This hotel provided the main income for Comp. till the end of 1964-65.

1966

- The Comp. entered into a collaboration agreement with Sheraton International Inc., Boston, U.S.A., a wholly owned subsidiary of International Telephones & Telegraphs. The collaboration agreement was approved by Government in 1967-68.

1968

- By a scheme of merger approved by Calcutta High Court, the Associated Hotels of India Ltd., & Hotels Pvt. Ltd., were amalgamated with the Company. By virtue of amalgamation, the Comp. acquired Oberoi Grand Hotel, Calcutta, Oberoi Mount Everst, Darjeeling, Oberoi Maiden's, Delhi, Oberoi Cecil, Simla & Oberoi Palm Beach, Gopalpur and a suitable plot of land at Chennai.

- Mercury Travels [Indias] Pvt. Ltd., with an issued & paid-up capital of Rs 35 lakhs is a wholly owned subsidiary of Company.

1973

- Upon the expiry of collaboration agreement with Sheraton International Inc., U.S.A., on 5th March, 1979, the name of this hotel was changed from Oberoi Sheraton Hotel to Oberoi Towers Hotel.

1974

- The Comp. entered into an agreement with the Zanzibar Government [East Africas] for providing technical & hotel operating services. An agreement was concluded with the National Corporation of Zambia for rendering operation services for a luxury hotel in Ndola. The Company also finalised an agreement with Adayar Gate Hotels Ltd., Chennai for rendering technical assistance & operating services for their five star hotel under construction in Chennai.

1978

- Partly paid equity shares fully called up [Rs 2 per share during 1977-78 & the balance Rs 6 per share during 1978-79s].

1981

- 13,37,745 bonus equity shares issued in prop. 1:5. 28,55,500 No. of Equity shares then issued [prem. Rs 6 per shares]. 16,05,500 shares offered as rights to resident Indian equity shareholders in prop. 1:5 [only 14,78,822 share taken ups] & 13,76,678 shares [including 1,26,678 rights shares not taken ups] offered to the public in Dec. 1979. 75,000-11% `B' Pref. shares issued to financial institutions. `B' pref. shares redeemable during 27.3.1992/95.

1984

- 15,00,000 No. of Equity shares issued at a premium of Rs 4 per share on conversion of debentures on 30.10.1984. 49,53,131 bonus shares issued in prop. 2:5 on 25.1.1985.

1985

- The Comp. issued 15% secured redeemable non-convertible debentures for a total value of Rs 6 crores. During April 1986, another issue of non-convertible debentures was made for a total value of Rs 15 crores.

1986

- A 10 year contract was given to the Comp. by International Airports Authority to operate all the snack bars & restaurants at the domestic & International Terminals in Mumbai.

1987

- During Jan.-Feb., the Comp. offered 25,00,000 - 13.5% secured redeemable convertible debentures of Rs 100 each to its equity shareholders on rights basis in the proportion 2 debentures for every 7 equity shares held [all were taken ups]. Additional 6,25,000 debentures were allotted to shareholders to retain over subscription.

- 1,25,000 - 13.5% convertible debentures were offered to the resident Indian employees of Comp. & other associate companies [only 8,780 debentures were taken ups]. The unsubscribed portion was allowed to lapse.

- A portion of Rs 50 of each debenture was compulsorily converted into 2 equity shares of Rs 10 each at a premium of Rs 15 per share in October. The non-convertible portion of Rs 50 of each debenture was to be redeemed at par at the expiry of 7th year from the date of allotment of the debentures.

1988

- The Comp. entered into a joint venture agreement with Accor of France, which owns the Novotel Chain, for construction and development of medium priced hotels in India. Necessary Government approvals were obtained & the joint venture Comp. was registered as 'Indus Hotels Corporation Ltd.' [IHCLs].

- The Comp. issued 15,00,000 - 14% non-convertible debentures of Rs 100 each aggregating Rs 15 crores to meet a part of expenditure for renovation, refurnishing & capacity improvement. Additional 2,25,000 debentures were allotted to retain over subscription. These debentures were to be redeemed at a premium of 5% at the end of 7th year from the date of allotment of debentures.

1990

- The Comp. offered 15,00,000 - 14% secured redeemable non-convertible debentures of Rs 100 each on Rights basis in the following proportion:

- [is] 20 debentures for 100 No. of equity shares held;

- [iis] 40 debentures for 1000 equity shares held;

- [iiis] 50 debentures for 10,000 No. of equity shares held and

- [ivs] for holders of more than 10,000 No. of equity shares, debentures were to be allotted pro rata according to their respective shareholding [fraction ignoreds]. All debentures were taken up & additional 2,25,000 debentures were allotted to retain over-subscription. These debentures are to be redeemed at a premium of Rs 5 per debenture on the expiry of 7th year from the date of allotment.

1992

- 11% Pref. `C' shares redeemed. 47,20,704 bonus equity shares issued in prop. 1:5.

1993

- The Comp. offered 22,71,863 partly convertible debentures of Rs 150 each on Rights basis in the proportion 1 deb.: 10 No. of equity shares held [all were taken ups]. Additional 3,39,790 debentures were allotted to retain over subscription. Another 3,40,780 partly convertible debentures were issued to the promoters & Company associates on preferential allotment basis [all were taken ups].

- Rs 50 of face value of each debenture was to be compulsorily converted into 1 equity share of Rs 10 each at a premium of Rs 40 per share on the expiry of 6 months from the date of allotment of debentures. Accordingly 16,11,833 shares were allotted on 19.12.93. Remaining Rs 100 of face value of each debenture was to be redeemed in 3 annual instalments of Rs 33, Rs 33 & Rs 34 commencing from the 6th year from the date of allotment of debentures.

- 11,35,932 - 15% non-Convertible debentures were issued on Rights basis in the proportion of 1 deb.: 20 No. of equity shares held [all were taken ups]. Each debentures is accompanied by a detachable tradeable warrant, entitling the holder to apply for one equity share of Rs 10 each at a premium of Rs 65 per share exerciseable during the period after the expiry of 36 months but before the expiry of 60 months from the date of allotment of non-Convertible debentures.

1994

- The Comp. formed a joint venture with Alfred Mc Alpine Construction Major Projects Ltd., UK to provide construction & project management expertise for new projects. The Comp. entered into a joint venture arrangement to build an international golf course, a deluxe hotel & a health resort in Bangalore.

- As per the terms of issue, 28,67,383 No. of Equity Shares were issued on 17th October, at a price of Rs 438 per equity share. As a consequence to this issue, the equity capital increased by Rs 28,674 million & the share premium Acc. increased by Rs 1227.240 million.

- 28,67,428 No. of Equity shares issued as a consequence of GDR.

1995

- The Comp. proposed to set up a new joint venture Comp. with Eurest International, a subsidiary of Compass Group Plc. on a 50:50 basis. The Comp. proposed to transfer the existing airline catering and airport operations to the new company.

- The Comp. proposed to issue bonus equity share in the ratio of 1:2 to existing shareholders.

1996

- 11,25,114 No. of Equity shares of Rs 10 each [premium Rs 65 per shares] allotted against detachable warrants which were issued alongwith 16% Rights non-Convertible debentures of Rs 100 each issued in 1993. Another, 1,74,64,299 bonus shares issued in propn. 1:2.

- The name of Comp. was changed from the East India Hotels Ltd. to 'EIH Ltd.' with effect from 1st November.

1997

- EIH Ltd, is setting up a joint venture with Goel International Hotels and Resorts Ltd for a new hotel in Agra.

- EIH set up a joint venture with Hong Kong-based CCA International for developing, marketing & managing private clubs & resorts in the country.

- The entire expansion plan will be through EIH, its 100 per cent subsidiary, EIH international Ltd, & joint ventures with various partners.

1998

- Mercury Travels Ltd, a wholly-owned subsidiary of EIH Ltd, established a subsidiary in Germany called Vision Travels GmbH during the year.

- Mashobra Resort Ltd, a joint venture with the government of Himachal Pradesh, & Rajgarh Palace Hotels & Resorts Ltd, a joint venture with the government of Madhya Pradesh, have become subsidiaries of the company.

- EIH Ltd owns & manages hotels under the Oberoi & Trident brand. The FAAA rating assigned by Credit Rating Information Services of India [Crisils] to the fixed deposit programme has been reaffirmed.

1999

- EIH Ltd has unveiled plans of opening four new hotels in the new millennium.

2000

- The Comp. has established direct V-SAT connectivity with National Securities Depository Limited & Central Depository Services [Indias] Limited.

- The Comp. has recommended introduction of an employee stock option programme. - Hotel major EIH Ltd has entered into an agreement with Sukhvinder Singh Badal, son of The Punjab Chief Minister Prakash Singh Badal, for the running of luxury hotel to be set up at Gurgaon, near New Delhi.

- Oberoi Kerala Hotels & Resorts Limited, a Joint Venture with Government of Kerala has become a subsidiary of company.

- EIH Ltd stated that ITC investment companies have picked up 6,05,704 shares, indicating that these companies have continued to buy and sell in EIH stock despite the uncomfortable revelation of such buying some months ago.

2001

- EIH, which owns & operates the Oberoi hotels, has reduced its staff strength by 465 across its properties in Mumbai, Delhi & Calcutta. - EIH, A member of Oberoi group, on October 29 reported 79.13 per cent decline in net profit at Rs 1.73 crore during the second quarter of current financial year.

2002

- P R S Oberoi reappointed as Managing Director on the Board of EIH.

-EIH Ltd has informed that the following changes in the management structure of Company:

Mr Rai Bahadur M.S Oberoi, Mr B K Nehru, Mr P Majumdar expired & ceased to be Directors. Mr S K Saha ceased to be Director by resignation. Mr S. M. Dahanukar did not seek reappointment on his retirement of Directors by rotation.The list of Directors as on date: Mr P R S Oberoi,Mr S S Mukherji,Field Marshal Sam Manekshaw,Mr Vikram Oberoi,Mr Arjun Oberoi & Mr S K Dasgupta.

-P Majumdar ceases to be a Director of EIH Associated Hotels.

-EIH Ltd has informed following changes in management structure.Appointment of Additional Directors:Mr Nusli N Wadia, Mr Rajan Raheja, Mr Christopher Reeves.Mr P R S Oberoi who was the vice Chairman & Managing Director of Comp. has been appointed as the Chairman in the Wholetime employment of Comp. w e f June 27, 2002.Mr S S Mukherji who was the Deputy Managing Director of Comp. has been appointed as the Managing Director of Comp. w e f June 27, 2002.

2003

-EIH Ltd relocates Investors Service Division, which has shifted from Kishore Bhavan, 17 R N Mukherjee Road, Kolkota-700001 to the company registered office at 4 Mangoe lane, 6th floor, Kolkota. -700001.

-EIH Ltd has floated its voluntary retirement scheme to its employees at Oberoi Grand Hotel, Kolkota.

-EIH in alliance with Indian Railways mulls to launch luxury trains.

-Hilton International Co and EIH Ltd announce a strategic alliance for co-branding hotels in India under the Trident Hilton brand

- Gujarat Gas signs an agreement with Garden Silk Mills.

2004

-EIH Ltd & Hilton International on April 2 launched a strategic alliance that saw seven Trident hotels being renamed as Trident Hilton. In addition, the Oberoi Towers in Mumbai will now be called the Hilton Towers.