The company made this announcement after market hours on Friday, 23 March 2012.

Meanwhile, the BSE Sensex was down 129.46 points, or 0.75% to 17,232.28.

On BSE, 22,317 shares were traded in the counter as against average daily volume of 4,317 shares in the past one quarter.

The stock hit a high of Rs 174.10 and a low of Rs 159.05 so far during the day. The stock had hit a 52-week high of Rs 218.55 on 2 August 2011. The stock had hit a 52-week low of Rs 124 on 23 June 2011.

The small-cap stock had outperformed the market over the past one month till 23 March 2012, rising 1.33% compared with the Sensex's 3.96% fall. The stock had also outperformed the market in past one quarter, surging 12.17% as against Sensex's 10.31% gain.

The company has equity capital of Rs 19.59 crore. Face value per share is Rs 10.

EIH Associated Hotels' board will also consider amalgamation of Island Hotel Maharaj with the company. Island Hotel Maharaj is a wholly-owned subsidiary of EIH Associated Hotels.

EIH Associated Hotels' net profit rose 0.7% to Rs 10.03 crore on 5.3% growth in net sales to Rs 58.95 crore in Q3 December 2011 over Q3 December 2010.

EIH Associated Hotels operates a total of nine five star deluxe and five star hotels in metropolitan and major tourist destinations throughout India. EIH Associated Hotels is an associate company of EIH -- the flagship company of The Oberoi Group, one of the largest hospitality groups in India. Founded in 1934, The Oberoi Group operates 28 hotels and three cruisers in five countries under the luxury 'Oberoi' and five-star 'Trident' brands.