Diversified business group ITC today consolidated its shareholding in Hotel Leelaventure by acquiring 4.62% stake from its wholly-owned subsidiary Russell Credit.

With this, ITC's stake in Leelaventure has gone up to 12.88% from 8.26%.

Prior to the acquisition, RCR had 5.23% stake in the hospitality firm, which now stands at 0.61%, Hotel Leelaventure said in a filing to the Bombay Stock Exchange (BSE). 

For the 4.62% stake, ITC has purchased over 17.9 million shares from Russell Credit through an off-market transaction on February 9, 2011.

ITC, a major player in the hospitality sector, has been gradually increasing its stake in Krishnan Nair-promoted Hotel Leelaventure.

ITC also has 14.98% increase stake in the Oberois controlled hospitality firm EIH.

The company's Chairman YC Deveshwar has said that ITC may increase stake in both EIH and Hotel Leelaventure if the prices are attractive.

Shares of Hotel Leelaventure today closed at Rs 38.30, up by 2.82% from the previous close on the BSE.